![]() So the unemployment rate is still extremely low. I'm sorry, down from a month ago but it's up from its 60-year low of 3.4%. I mean, we- OK, so the unemployment rate climbs to 3.6% or whatever, and it's like OK, this. SEANA SMITH: Sam, how much, I guess, weakness do you think we are expected to see? If we do see two more rate hikes from the Fed, is that going to do it? Will we see that then eventually reflected in the labor market? Or that's higher for longer narrative, seems like it's here to stay at least for now. It's the wage inflation piece that needs to move. I don't think it's the unemployment rate. So I think at this point, it's getting that wage inflation down. It's got to bring inflation down to that target at the maximum employment it can to hit that number. He's been like a parent having to repeat something to children over and over and over again, and- and that being that the market finally is listening.ĪNN BERRY: I think one of the things that we forget, Myles, is that the Fed has actually got a dual mandate. You know, what would we need to see in the labor market to have him kind of change his tune?ĪNN BERRY: Well, the market believes in finally, Myles, right? It's taken- it's taken the ECB forum, it's taken a testimony on the Hill to get them to finally listen to what he's been saying all along, which is the data is looking it's like it's going in this direction. And I think the market believes him clearly based on the pricing. Powell has said, here's how we're gonna proceed in the next few months. First time in 14, 15 months, I guess, that we've seen a miss relative to expectations.īut and to me, the question is, what do we need to see? What would we need to see from the labor market that would make the Fed change its mind and change what I think, and I'm curious in your thought on this, what I think is a pretty firm outlook on what they're gonna do? And I think my question coming out of this, there's like on the one hand, you have the headline, which is, oh, jobs report misses. MYLES UDLAND: Yeah, well, we- we saw basically no reaction in Fed funds futures after this number because we kind of know the Fed is going to raise rates in a couple of weeks. And I think the general consensus is still way too hot for what the Fed wants to see. So, Myles, let me kick it over to you first just in terms of how the Fed is looking at a number like this. ![]() And Ann Berry is here with us, Threadneedle Strategies founder. Sam Ro is back in the building, former managing editor of Yahoo Finance and co-founder of the TKer. Myles Udland, head of Yahoo Finance News here with us. We got the All-Star panel here to break it all down.
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