Jay Powell again reiterated that he believes the economy is "on solid footing." The most recent data on the labor market shows he's either wrong or lying. There is no equivocating these latest estimates in which hiring has collapsed. As if that wasn't enough, it was backed up by other sources. All of it pointing to summertime being the time for recession. It's all about hiring, and that has all but disappeared.

Eurodollar University's Money & Macro Analysis

Bloomberg Powell Says Fed Not in a Hurry, Will Lower Rates ‘Over Time’
https://www.bloomberg.com/news/articles/2024-09-30/powell-says-fed-will-move-over-time-to-more-neutral-stance

Bloomberg Fed’s Goolsbee Sees ‘Many More’ Rate Cuts Over the Next Year
https://www.bloomberg.com/news/articles/2024-09-23/fed-s-goolsbee-sees-many-more-rate-cuts-over-the-next-year

CNN A sign of strength in the labor market: Job openings increased in August
https://www.cnn.com/2024/10/01/economy/us-jolts-job-openings-layoffs-august/index.html

ISM September 2024 Manufacturing ISM Report On Business
https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/september/

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Holy Sh*t! Jobs Have Completely Stopped Hiring