“We're just now kind of in a transition period where we're settling into a more sustainable period of growth, and that feels uncomfortable,” Oxford Economics chief economist Ryan Sweet tells the Morning Brief team, noting the economy was “booming over the last couple of years” with hundreds of thousands of jobs created monthly as “GDP [gross domestic product] growth was well above the economy's speed limit.”

The economist notes that the Federal Reserve's decision to cut rates coming next week is key for the market, saying officials “need to get this process started.”

Amid some worries about a possible coming recession, Sweet comments that while “it feels like a recession to a lot of people,” that “doesn't necessarily mean that we're in one.”

The economist indicates that as interest rates ease, “the interest rate sensitive parts of the economy should start to improve,” including the housing and autos sectors.

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This post was written by Luke Carberry Mogan.