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What are economists saying? 🤔
🔹Goldman Sachs analyst Jan Hatzius, who said, “The labor market is cooling but there’s no breaking point yet,” added, “However, the probability of a Fed rate cut in June has now risen to 78%.”
🔹Moody’s Analytics Chief Economist Mark Zandi commented, “This figure could slow consumer spending. The risk of recession has risen from 35% to 42%.”
✨White House spokesperson Karine Jean-Pierre stated, “Thanks to President Biden’s economic policies, the unemployment rate is still at historically low levels (4.1%). A single week’s data shouldn’t cause panic.”
💥Market expectations are now clear: It’s certain that the Fed will keep interest rates unchanged at its March 18-19 meeting, but a June cut is almost inevitable.
#USJoblessClaimsMissExpectations
💥 Markets Uneasy
💥 Fed Interest Rate Move on the Agenda
✨ Weekly data released today by the US Department of Labor indicated an unexpected slowdown in the labor market. The number of Americans filing for initial unemployment benefits in the week ending March 1st reached 220,000. Economists' median expectation was 210,000. Thus, applications exceeded expectations by 10,000, and the hashtag #USJoblessClaimsMissExpectationsquickly rose on social media. This was the highest figure in the last four weeks, while continuing claims also increased to 1.85 million, reaching their highest level since the second half of 2024. Wall Street reacted. At the opening, the Dow Jones fell 0.8%, the S&P 500 fell 0.6%, and the Nasdaq fell 1.2%. The 10-year bond yield fell to 4.28%. Gold hit a new record high of $2,185 per ounce.