Alternative, real-time data starts to suggest some more meaningful weakness in the US labor market.
Job openings down across the board.
Hiring rates as measured by LinkedIn are down 28% (!) compared to last year February. pic.twitter.com/vGCJRyjTqI
— Alf (@MacroAlf) March 7, 2023
WOLFE: “.. economists and market participants are underestimating the headwinds that are going to be created by borrowers having to start paying off student loans once again.”$SOFI pic.twitter.com/idYBY67Xoq
— Carl Quintanilla (@carlquintanilla) March 7, 2023
Today, Fed Chair Powell speaks for the first time in a month.
Current rate expectations:
Markets now see a 30% chance of a 50 bps rate hike in March.
Futures also see a 55% chance of at least 4 more rate hikes, then 4 cuts into 2024.
These expectations will certainly change. pic.twitter.com/b89OYUftaP
— The Kobeissi Letter (@KobeissiLetter) March 7, 2023
Credit 💳 Cards pic.twitter.com/Gd531HFZGg
— Win Smart, CFA (@WinfieldSmart) March 7, 2023
Average credit card rate surpasses 20%. Meanwhile, here are JPM's deposit rates pic.twitter.com/DjiQFJyz6F
— zerohedge (@zerohedge) March 7, 2023
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