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10.1 Million Reasons To Doubt A Soft Landing
In a disconcerting development for a desperate Fed, Wednesday's update on job openings across the US economy showed vacancies unexpectedly rose.
There were 10.103 million openings on the last business day of April, the JOLTS figures showed. That was 358,000 higher than the prior month's (upwardly revised) 9.745 million. Hires were essentially unchanged, leaving the gap wider on the month.
It was a bitter pill for the soft landing crowd. Openings were expected to post a fourth straight monthly
If the Fed’s serious about inflation they have to hike. They’re currently effectively increasing the money supply via the backdoor to Banks (whom theoretically are now more sober and conservative instead of chasing a 1% yield while risking a bank run) and as we watch the stock market go up people may just keep on spending.
I’m also not sure the gasoline and rent hikes fully dissipated since supply for both is artificially constrained.
I was on team Transitory and I’d like that transition to finally happen instead of letting team Stagflation win.