IBKR Podcasts Drill, Baby… Maybe?
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Jan 12, 2026 Joining the discussion are Steve Sosnick, Chief Market Strategist known for his insights on monetary policy and energy dynamics, and Jose Torres, Senior Economist who specializes in labor market trends. The conversation dives into disappointing job growth and its implications for financial markets. They analyze how political influences are reshaping the Fed landscape and why oil companies are hesitant to invest in Venezuela despite rising prices. The duo warns of potential market fallout from government interventions in the energy sector.
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Labor Market Cooling But Wages Holding Up
- December's jobs report showed the weakest average monthly employment growth in over two decades.
- Wage growth remained firm at 3.8% year-over-year, keeping Fed cuts uncertain.
Labor Supply Shortage Pressures Metrics
- Jose Torres attributes labor weakness to immigration restrictions and higher retirements reducing labor supply.
- Participation fell to 62.4%, pressuring the unemployment rate lower despite soft job gains.
Sectoral Shifts And AI's Labor Impact
- Sectoral shifts show rate-sensitive industries, manufacturing, and construction struggling.
- AI adoption is reducing many entry-level white-collar roles, altering job composition.
