He Hates These Jobs!

[Editor's note: For my younger readers, the title of this article is a classic American cinema reference. Anyone over 40 will surely recognize it.] US traders staggering back to desks following a de facto four-day weekend will swim (or drown) in a veritable tsunami of key data this week, with November payrolls headlining on Friday. At this point, after 375bps of rapid tightening, you'd expect the Fed's efforts to show up in the labor market. So far, officials haven't enjoyed much luck on that
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9 thoughts on “He Hates These Jobs!

  1. In the case that CPI comes in hot, can someone explain to me why the Fed would ‘telegraph’’ their intention to raise rates through the WSJ 1 day before they act?

    What is gained besides some actors front running others and a sell off occurring a day in advance?

  2. Like many things this year, this seems like a “may the odds be ever in your favor” type of week. Of course, there are many Ukrainians that would gladly trade their current situation for reading the tea leaves of a compendium of data. Appreciate the work on today’s articles, H.

  3. Smart people don’t need “alternative facts”, they just pick “facts” that fit their narrative.
    The Fed isn’t willing to concede the fact that the labor market has actually changed (due to the pandemic’s affects on Baby Boomers, immigration, and overall “friction to healthiness”), nor is it going to admit that it can’t really “stop inflation” (just like it can’t stop the war in Ukraine nor China’s zero covid policy).
    I guess Powell likes to talk and feel like he’s doing something. They should just raise interest rates .75 instead of this silly story about tapering and “soft landing”… unless they’re hoping crypto’s collapse is deinflationary?

    1. Hi Wesman, as per Huntly’s comment above, the reference is to “The Jerk” (1979), and the movie quote was “He hates these cans”, when an assassin missed the target and hits some oil cans instead. Emptynester got it too, with the movie quote “Die, Gas Pumper” nicely repurposed here. “Don’t trust Whitey” from digital animal is a direct movie quote, ridiculously funny in context of the movie, less so here. Trying to figure out H’s title here though… Powell = assassin, Inflation = target, Jobs = cans he hit instead of target? Situation seems to me more like Powell = assassin, target = inflation, but so far he whiffs everything, not even hitting jobs yet. Actually, not true, instead of cans, he’s hitting bonds! Pew pew, down they go. He hates these bonds! But that wouldn’t fit the article would it? No complaint, I liked the title anyway.

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