The financial markets continue to fight the Fed. Despite the Federal Open Market Committee (FOMC) promising “future increases” and Federal Reserve Chair Jerome Powell vowing to keep raising interest rates until inflation has been vanquished, investors are anticipating a pause soon and then a pivot by the fall. Here is a look at the market […]
Archives for February 2023
Study: IRS five times more likely to target black tax filers
President Joe Biden and the Democrats have stated that the reason why the IRS needs 87,000 new agents is to go after billionaires. However, numerous studies have found that the tax-collecting agency actually targets everyone but wealthy Americans. It makes sense. It is easier to go after people who don’t possess the same resources as […]
‘Recession or Correction’: US companies slashed 103,000 jobs in January, data show
U.S.-based companies announced 102,943 job cuts in January, up from 43,651 in December. This is the highest number since September 2020 and the highest January print since 2009. The technology sector accounted for 41 percent of all cuts (41,829), followed by retailers (13,000), and real estate (2,191). Employers announced plans to hire nearly 33,000 workers, […]
Tomorrow’s jobs report could set the stage for U.S. labor market in 2023
Tomorrow’s jobs report should be fascinating for a couple of reasons. First, it will be the first employment update for 2023. Second, will it match what the ADP reported, which was just 106,000 new jobs in the private sector? Third, how will the market react if it is a dreadful report? Here is what the […]
‘Ongoing Increases’: Read full FOMC statement from February meeting
Here is the full statement from the Federal Open Market Committee (FOMC) following its February meeting: Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation has eased somewhat but remains elevated. Russia’s war against Ukraine is causing tremendous […]