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Bloomberg Businessweek
US Hiring Surges, Bolstering Case for Another Fed Rate Hike
Oct 6, 2023
Bloomberg News Economics Editor and Bloomberg Intelligence Chief US Interest Rate Strategist discuss the impact of the September jobs report on the economy and Fed policy. ManpowerGroup's Chief Commercial Officer shares insights on the jobs report and employment trends. Bloomberg's Legal Reporter and Fenergo's Head of Financial Crime Policy talk about the SBF fraud trial and regulatory takeaways from FTX's collapse.
38:52
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Quick takeaways
- The projected 12% earnings growth for the S&P 500 in 2023 may not materialize due to wage pressures and potential economic slowdown.
- The inverted yield curve signals potential economic slowdown, caution is advised due to possible margin pressure and borrowing costs.
Deep dives
Rally in the markets fueled by technical rebound from oversold conditions
The current market rally is a technical rebound from oversold conditions, but it may not be fundamentally sustainable. The Goldilocks trade, which requires strong economic growth and moderating inflation, seems optimistic. The expectation of 12% earnings growth next year may not materialize due to wage pressures and potential economic slowdown. While equities are not egregiously overvalued, they may be ahead of themselves and cautiousness is advised.
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