Mid-Afternoon Market Update: Nasdaq Drops Over 100 Points; Apellis Pharmaceuticals Shares Spike Higher
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Economic Data Scheduled For Monday
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Mid-Day Market Update: Gold Rises 1 5%; FreightCar America Shares Slide Following Q1 Results
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The Big Miss
Macro Tides Weekly Technical Review 10 May 2021
From Jay Powell s perspective it didn t matter if 1,000,000 jobs were created in April or the 266,000 that were added according to the Labor Department. Jay and the FOMC are committed to waiting for the unemployment rate to fall significantly and for core inflation to rise above 2.0%.
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I did an interview with Blake Morrow from FORX Analytix on Friday and discussed the employment report and the Fed s potential reaction:
For decades the FOMC was guided by the Phillips Curve, which showed that inflation perked up once unemployment fell to a low level. This framework led the FOMC to begin increasing the federal funds rate whenever unemployment fell below what their Phillips Curve model indicated was the lower bound threshold in anticipation of rising inflation.