Never a simple proposition, it’s an even thornier one now, with cross-currents raging as the health of the economy plays havoc with the Federal Reserve’s reaction function.
Economists forecast that US employers added 298,000 last month and that the unemployment rate stayed at 3.5%, a five-decade low. Stocks have been choppy since Friday, when Powell and other officials made clear their intention to tamp down inflation, even if that means damaging the economy.Scott Bauer, CEO of Prosper Trading Academy:
That’s not a great thing when you think about it for the economy, but that is a sign then for the Fed that OK, it’s starting to happen and maybe they don’t have to be as aggressive. And if the Fed’s not as aggressive, the market’s going to rip higher. If I knew that the number was going to be significantly higher than expected, I’d be shorting.
If the number beats forecasts, “we’d be really worried about inflation. All things being equal, that would be reflected in the numbers. Probably the companies with heavier people exposure might trade down.
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