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Not Only No US Labor Shortage, Latest Labor Market Data Is Closer to Rate Cuts
Yesterday, the FOMC altered its view of household spending and business capex. It wasn’t a huge difference, they never are. Figuratively, these sorts of downgrades are little by little even though if things were ever to go the right way the language upgrades wouldn’t be subject to so much reservation. There isn’t much in the official statements anyway, just a few sentences. Still, the Economists at the Fed felt it necessary to admit consumer and business spending “slowed in the first quarter.” That’s not good. Not to worry, Powell says at his press conference, because it’s all transitory. Behind that ... (full story)