Steep rate cuts are coming as the job market looks poised to weaken, Wells Fargo strategist says

• The Fed could slash rates more than expected in 2024, Wells Fargo strategist Erik Nelson said. 
• That's because the job market is likely weaker than it looks on the surface.
• Weakening job growth could be the negative catalyst that pushes the Fed to ease monetary policy.

Steep rate cuts from the Federal Reserve could be coming later this year thanks to weakening in the job market, which likely isn't as robust as some of the latest data has made it out to be, according to Wells Fargo strategist Erik Nelson.