Fed won’t stop until you are unemployed, on welfare and food stamps

Fed’s Balance Sheet Drops by $458 Billion from Peak: January Update on QT and the Fed’s Losses

The Fed’s cumulative losses reached $20.5 billion.

ISM Services Slumps Into Contraction, Factory Orders Plunge Most Since COVID

After a surprise bounce in November (and following S&P Global’s Services PMI weakness), analysts expected ISM Services survey to show deterioration in December and they were right but the magnitude was very significant. ISM Services tumbled into contraction at 49.6 (vs 55.0 exp) from 56.5 in November. That is the biggest drop since 2020 and the first contraction since May 2020…

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December Payrolls Beat Expectations But Wage Growth Disappoints, Lowest Since August 2021

There was a general sense of foreboding ahead of today’s jobs report, because as we wrote in our payrolls preview, several strategists noted that there was virtually no number that would be good for risk assets. As Goldman trader John Flood said, “whispers into December’s jobs print are creeping higher as we have already gotten 4 strong labor data points this week… We are still in a good data is bad for stocks set up but the new spin is that really bad data is also bad for stocks. AKA risk is skewed to the downside.”

Beer Sales Drop as Consumers Balk at Higher Prices: WSJ

Corona brewer Constellation Brands Inc. now says it plans to make “more muted” price increases in the coming fiscal year, because higher-than-usual price increases in October slowed its sales growth. “The consumer is overly sensitive to pricing actions,” Constellation Chief Executive Bill Newlands told analysts Thursday when the company lowered its earnings…

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