Jay Powell again reiterated that he believes the economy is "on solid footing." The most recent data on the labor market shows he's either wrong or lying. There is no equivocating these latest estimates in which hiring has collapsed. As if that wasn't enough, it was backed up by other sources. All of it pointing to summertime being the time for recession. It's all about hiring, and that has all but disappeared.
Eurodollar University's Money & Macro Analysis
Bloomberg Powell Says Fed Not in a Hurry, Will Lower Rates ‘Over Time’
https://www.bloomberg.com/news/articles/2024-09-30/powell-says-fed-will-move-over-time-to-more-neutral-stance
Bloomberg Fed’s Goolsbee Sees ‘Many More’ Rate Cuts Over the Next Year
https://www.bloomberg.com/news/articles/2024-09-23/fed-s-goolsbee-sees-many-more-rate-cuts-over-the-next-year
CNN A sign of strength in the labor market: Job openings increased in August
https://www.cnn.com/2024/10/01/economy/us-jolts-job-openings-layoffs-august/index.html
ISM September 2024 Manufacturing ISM Report On Business
https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/september/
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU
What is Eurodollar University?
Jeff Snider will guide you through the realm of monetary science. Multiple episodes uploaded each week, discussing big news and key current events, the state of markets and what they are telling you, as well as historical summaries and deep background material so that you can understand what’s really going on in this eurodollar’s world.