Meet Bill, he is big and beautiful. He is widely know and talked about by people all over the world. The wealthy, middle class, and impoverished hang on every word he utters because they believe that his ideas will personally impact them. A lot of people in high places really like him and believe that he has their best interest at heart. They hope that the consequences of Bill’s actions will benefit everyone and give them a better quality of life. They feel their pocketbook, educational pursuits, healthcare, and the environment will benefit from Bill’s existence. Others feel that Bill is unnecessarily excluding them from things to which they are entitled, like a healthy retirement and the right to work–or even live–in the United States.
Those who do live and work in the U.S. of course listened to Jerome Powell this morning report that if it wasn’t for the tariffs, inflation would now be where the Fed wanted it. As it stands, inflation may remain elevated through the end of summer. Even still, he is leaving the possibility for a rate cut at the end of July on the table.
And lastly, the JOLTS Report showed that job openings rose 4.8% this month while actual New Hires dropped 0.1% and the Quits Rate increased 0.1%. It’s only one report, but it does reveal a little weakness in the labor market. We’ll see ADP and the BLS Jobs Reports tomorrow and Thursday, respectively.
