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The DC Today - Thursday October 6, 2022
A little market move down today – nothing to write home about. But more information on big picture you will want to listen to right here …
MARKET ACTION
Dow: -347 points (-1.15%)
S&P: -1.02%
Nasdaq: -0.68%
10-Year Treasury Yield: 3.83% (+7 basis points)
Top-performing sector: Energy (+1.82%) – fourth day in a row
Bottom-performing sector: Utilities (-3.30%) – second day in a row; rare and nasty
WTI Crude Oil: $88.90/barrel (+1.26%)
Key Economic Point of the Day:
Initial jobless claims came in at 219k, higher than the 203k expected (though continuing claims came in a tad less than expected)
Mortgage rates at 16-year high … (6.75%)
ASK DAVID
“Given the tight labor market and recognizing the number of people that left the workforce over the past 2+ years, is it reasonable to expect a decrease in unemployment numbers any time soon? If it’s not reasonable to expect a decrease in unemployment numbers, do you think the Fed should use this criteria as a benchmark for monetary policy?”
~ Ed D.
Unfortunately, I do believe unemployment will go higher, and I do believe it will be relevant to Fed policy. Technically their dual mandate includes full employment, so if they pursue a monetary policy that increases joblessness I believe they will reverse course. I don’t think it is the benchmark they say it is, but I do think right now it gives them cover in non-effective monetary tightening (if anyone still believes the Fed Funds rate is causing inflation I have a bridge to sell them, assuming I can get the parts and labor).
Links mentioned in this episode:
TheDCToday.com
TheBahnsenGroup.com
View all episodes
By The Bahnsen Group
4.9
562562 ratings
A little market move down today – nothing to write home about. But more information on big picture you will want to listen to right here …
MARKET ACTION
Dow: -347 points (-1.15%)
S&P: -1.02%
Nasdaq: -0.68%
10-Year Treasury Yield: 3.83% (+7 basis points)
Top-performing sector: Energy (+1.82%) – fourth day in a row
Bottom-performing sector: Utilities (-3.30%) – second day in a row; rare and nasty
WTI Crude Oil: $88.90/barrel (+1.26%)
Key Economic Point of the Day:
Initial jobless claims came in at 219k, higher than the 203k expected (though continuing claims came in a tad less than expected)
Mortgage rates at 16-year high … (6.75%)
ASK DAVID
“Given the tight labor market and recognizing the number of people that left the workforce over the past 2+ years, is it reasonable to expect a decrease in unemployment numbers any time soon? If it’s not reasonable to expect a decrease in unemployment numbers, do you think the Fed should use this criteria as a benchmark for monetary policy?”
~ Ed D.
Unfortunately, I do believe unemployment will go higher, and I do believe it will be relevant to Fed policy. Technically their dual mandate includes full employment, so if they pursue a monetary policy that increases joblessness I believe they will reverse course. I don’t think it is the benchmark they say it is, but I do think right now it gives them cover in non-effective monetary tightening (if anyone still believes the Fed Funds rate is causing inflation I have a bridge to sell them, assuming I can get the parts and labor).
Links mentioned in this episode:
TheDCToday.com
TheBahnsenGroup.com
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