Market Performance (YTD)
How much did markets dislike Powell's presser today? It was the worst last 90 minutes of a Fed Day for the S&P (-3.2%) since 1994 (when the Fed began announcing policy decisions on the day of the meeting).
— Bespoke (@bespokeinvest) November 2, 2022
And I see why. The Fed added this entire section to its statement basically justifying a slowdown in rate increases. Yay stocks!!! pic.twitter.com/h4BSk2IYSZ
— Dion Rabouin 🇺🇸 (@DionRabouin) November 2, 2022
Chair Powell takeaways:
– Big rate increases could slow in Dec or shortly after
– But rates will go higher than prior forecast
– And stay there
– His message was blunt: "I would want people to understand our commitment to getting this done."
– Upshot: This was not a pivot.
— Jeanna Smialek (@jeannasmialek) November 2, 2022
Fascinating moment in the presser. A journalist wrongly misleads Powell into thinking the market was still rallying and we're all getting real time insight into what he thinks about that… He's leaning hard against it.
— Jonathan Ferro (@FerroTV) November 2, 2022
The economy gained a surprisingly strong 261,000 new jobs in October, underscoring the persistent strength of a labor market that the Federal Reserve worries will exacerbate high inflation. https://t.co/a7r8QWLhns pic.twitter.com/uFrtXHzOcb
— MarketWatch Economy (@MKTWeconomics) November 4, 2022
JUST IN: The US economy added 261k jobs in October, higher than expected.
— Peterson Institute (@PIIE) November 4, 2022
On a year-over-year basis, average hourly earnings growth has cooled markedly — up 4.7% in October, vs 5.6% in March. A lot of that slowdown came earlier this year, however — more recently, growth has been bouncing along at an annual rate of around 4%. pic.twitter.com/nkqLOGhxm0
— Ben Casselman (@bencasselman) November 4, 2022
“.. eight of 10 chief human resources officer said they’re cutting or freezing hiring,” says a @PwCUS survey.
— Carl Quintanilla (@carlquintanilla) November 2, 2022
Layoffs announced in the last day:
– Lyft 13% of workers
– Opendoor 18%
– Stripe 14%
– Chime 12%
– Twitter 50%
– Morgan Stanley (% unknown)
— Genevieve Roch-Decter, CFA (@GRDecter) November 3, 2022
Here are the updated 3Q22 through 2Q23 S&P 500 EPS growth expectations w/ and w/out the Energy sector.
— The Earnings Scout (@EarningsScout) November 8, 2022
To find a ~7% yield right now, you would be looking at BBB/BB corporates bonds.
— Matthew Miskin, CFA (@matthew_miskin) November 7, 2022
Miss one or the other but not both: pic.twitter.com/3srpke6Syl
— The Transcript (@TheTranscript_) November 7, 2022
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