Powell and the Fed are lost or politically motivated.
Unless im missing something....
I just watched the press conference and it was another Powell special.
Most questions were about the labour market, including the Sahm rule, Powell just shrugged it off (this time will be different right...)
Concerns about the labour market and how government hiring could be hiding greater concerns were basically ignored, Powell wants to focus on all the data.
It was very obvious that reporters wanted answers about the labour market concerns and Powell gave little/nothing.
The statement(attached) and Powells comments basically said they are willing to act reactively if the labour market further deteriorates(This can happen fast)
If that happens its already way to late.
Powell also shrugged off a question about a "hard landing" that could happen if the Fed didnt cut rates, this question was based on a comments made last week by a previous NY Fed chairman (Bill Dudley).
Powell basically said there are always risks but the Fed could react to them.
Surely they should be proactive to those risks?
I dont want to be pessimistic or biased but that was little more than a stall, Powell left the door open for cuts but the statement and his comments also left the door open for no cut.
This was basically what scared me in my post yesterday "The bearish scenario"
Powell tried to sugarcoat it but once again he kicked the can down the road.
The Fed say they are not influenced by politics, i call bullshit.
The wider market will be heavily focused on the unemployment data in the next 2 days.
Its hard to know how accurate the jobs data really is when the people responsible for the endless money printing are also the ones showing the highest level of new employment...
Government jobs and part time jobs are hiding far higher unemployment numbers.
Remember even if you work 1 hour a week you are considered employed, see attached imagine from Bls.gov (Bureau labour statistics)
I could be wrong, just my thoughts.
Peace
