The December jobs report is out and its a doozy! 312k jobs added!
Average hourly earnings YoY rose 3.2%, still lower than the local peak during The Great Recession.
Fed Chair Jerome Powell (or Pow-Wow)
said he won’t resign if asked (z-z-z-z) and will act rapidly if needed.
(Bloomberg) — Federal Reserve Chairman Jerome Powell said the central bank can be patient as it assesses risks to a U.S. economy and will adjust policy quickly if needed, but made clear he would not resign if President Donald Trump asked him to step aside.
“With the muted inflation readings that we’ve seen, we will be patient as we watch to see how the economy evolves,” Powell said Friday on a panel with his predecessors Janet Yellen and Ben Bernanke at the American Economic Association’s annual meeting in Atlanta.
And with the jobs report (and Powell/Yellen/Bernanke blatherings), the 10 year Treasury yield rose over 10 basis points.
And The Dow is up over 700 points.
Down 660 yesterday. up 700 points today. Can you spell FRAILTY?