$JOBS

https://www.coindesk.com/business/2022/07/04/crypto-lender-celsius-cuts-150-jobs-amid-restructuring-report/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

By Wayne Cole SYDNEY (Reuters) - Global share markets started in haphazard fashion on Monday as soft U.S. data suggested downside risks for this week's June payrolls report, while the hubbub over possible recession was still driving a relief rally in government bonds. The search for safety kept the U.S. dollar near 20-year highs, though early action was light with U.S. markets on holiday. Cash Treasuries were shut but futures extended their gains, implying 10-year yields were holding around 2.88% having fallen 61 basis points from their June peak. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, after losing 1.8% last week. Japan's Nikkei added 0.6%, while South Korea fell 0.8%. Chinese blue chips edged up 0.3%, though cities in eastern China tightened COVID-19 curbs on Sunday amid new coronavirus clusters. EUROSTOXX 50 futures added 0.5% and FTSE futures 0.8%. However, both S&P 500 futures and Nasdaq futures eased 0.7%, after steadying just a little on Friday. David J. Kostin, an analyst at Goldman Sachs (NYSE:GS), noted that every S&P 500 sector bar energy saw negative returns in the first half of the year amid extreme volatility. "The current bear market has been entirely valuation-driven rather than the result of reduced earnings estimates," he added. "However, we expect consensus profit margin forecasts to fall which will lead to downward EPS revisions whether or not the economy falls into recession." Earnings season starts of July 15 and expectations are being marked lower given high costs and softening data. The Atlanta Federal Reserve's much watched GDP Now forecast has slid to an annualised -2.1% for the second quarter, implying the country was already in a technical recession. The payrolls report on Friday is forecast to show jobs growth slowing to 270,000 in June with average earnings slowing a touch to 5.0%. RATES UP, THEN DOWN Yet minutes of the Fed's June policy meeting on Wednesday are almost certain to sound hawkish given the committee chose to hike rates by a super-sized 75 basis points. The market is pricing in around an 85% chance of another hike of 75 basis points this month and rates at 3.25-3.5% by year end. "But the market has also moved to price in an increasingly aggressive rate cut profile for the Fed into 2023 and 2024, consistent with a growing chance of recession," noted analysts at NAB. "Around 60bps of Fed cuts are now priced in for 2023." In currencies, investor demand for the most liquid safe harbour has tended to benefit the U.S. dollar, which is near two-decade highs against a basket of competitors at 105.100. The euro was flat at $1.0429 and not far from its recent five-year trough of $1.0349. The European Central Bank is expected to raise interest rates this month for the first time in a decade, and the euro could get a lift if it decides on a more aggressive half-point move. The Japanese yen also attracted some safe haven flows late last week, dragging the dollar back to 135.23 yen from a 24-year top of 137.01. A high dollar and rising interest rates have not been kind to non-yielding gold, which was pinned at $1,812 an ounce having hit a six-month low last week. [GOL/] Fears of a global economic downturn also undermined industrial metals with copper hitting a 17-month low having sunk 25% from its March peak. [MET/L] Oil prices wobbled as investors weighed demand concerns against supply constraints. Output restrictions in Libya and a planned strike among Norwegian oil and gas workers were just the latest blows to production. [O/R] Brent slipped 1 cent to $111.62, while U.S. crude eased 10 cents to $108.33 per barrel. (Reorting by Wayne Cole; Editing by Sam Holmes & Shri Navaratnam)

how do these people get these jobs, because they spent their whole life in academia and have no clue how the real economy works

this is their death knell imo. sucks for folks with jobs in those stores

I mean no harm, trading is on of my 2 jobs.. I network with others to learn and share value.

I think today he is the symbol than Jobs was in the 80's and 90's

Steve Jobs (my favorite)..Had the same problem

Greetings , Fisher Base and FIsher Overlay are ready , next is our email system . With this set , we provide a full skin to the market , and a better interpretation of the system . The important part is that now we have sound alerts . Once we finish the mail system , then traders can receive sound alerts at their jobs by setting a sound or message when they receive an email from their respective signal setup . We will have the full package around the 22nd of this month .

"WWDC highlights what Apple has cooked up over the last year. And during the event, the company offered a glimpse at technologies landing on users’ devices in the months ahead. It turns out consumers have been demanding many of these innovations for years. We’re talking about a far more capable iPad operating system, huge customization options for the iOS lock screen, the welcome return of the MagSafe charger for the new MacBook Air, and, most important of all, the ability to retract and edit texts you’ve sent in Messages. It all adds up to a major change for Apple and a boon for its customers. The late Steve Jobs, an Apple co-founder and former CEO, famously eschewed market research in favor of anticipating users’ needs. But Apple is a far more mature business than when Jobs last ran the company in 2011. Customers know Apple’s products better than they once did, and they’re finally starting to know what they need before Apple does."

Also run a residential construction company with my family, So have been doing window jobs lately.

https://www.businessinsider.com/millennial-works-two-remote-jobs-great-resignation-inflation-rent-tuition-2022-6?utm_medium=social&utm_source=facebook.com&utm_campaign=sf-bi-careers&fbclid=IwAR1gc7WHIRrJgxsWqQvNrBxzkscSLVS6_D4oUbda8IZkQMTZBoB8rTr9ebw

By Hyunjoo Jin SAN FRANCISCO (Reuters) - Tesla (NASDAQ:TSLA) CEO Elon Musk has a "super bad feeling" about the economy and needs to cut about 10% of jobs at the electric carmaker, he said in an email to executives seen by Reuters. The message, sent on Thursday and titled "pause all hiring worldwide", came two days after the billionaire told staff to return to the workplace or leave, and adds to a growing chorus of warnings from business leaders about the risks of recession. Almost 100,000 people were employed at Tesla and its subsidiaries at the end of 2021, its annual SEC filing showed. The company was not immediately available for comment. Tesla shares fell nearly 5% in U.S. pre-market trade on Friday and its Frankfurt-listed stock was down 3.6% after the Reuters report. U.S. Nasdaq futures turned negative and were trading 1% lower. Musk has warned in recent weeks about the risks of recession, but his email ordering a hiring freeze and staff cuts was the most direct and high-profile message of its kind from the head of an automaker. So far, demand for Tesla cars and other electric vehicles (EV) has remained strong and many traditional indicators of a downturn - including increasing dealer inventories and incentives in the United States - have not materialized. But Tesla has struggled to restart production at its Shanghai factory after COVID-19 lockdowns forced costly outages. "It is always better to introduce austerity measures in good times than in bad times. I see the statements as a forewarning and a precautionary measure," said Hanover-based NordLB analyst Frank Schwope. Many carmakers achieved record profits in 2021, but the economic situation is now more uncertain, he noted. Musk's gloomy outlook echoes recent comments from executives including JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon and Goldman Sachs (NYSE:GS) President John Waldron. A "hurricane is right out there down the road coming our way," Dimon said this week. Inflation in the United States is hovering at 40-year highs and has caused a jump in the cost of living for Americans, while the Federal Reserve faces the difficult task of dampening demand enough to curb inflation while not causing a recession. Musk, the world's richest man according to Forbes, did not elaborate on the reasons for his "super bad feeling" about the economic outlook in the brief email seen by Reuters. It was also not immediately clear what implication, if any, Musk's view would have for his $44-billion bid for Twitter (NYSE:TWTR). U.S. antitrust regulators cleared the deal on Friday, sending Twitter shares up nearly 2% in pre-market trading. Several analysts have cut price targets for Tesla recently, forecasting lost output at its Shanghai plant, a hub supplying EVs to China and for export. China accounted for just over a third of Tesla's global deliveries in 2021, according to company disclosures and data released on sales there. On Thursday, Daiwa Capital Markets estimated Tesla had about 32,000 orders awaiting delivery in China, compared to 600,000 vehicles for BYD, its larger EV rival in that market. Wedbush Securities analyst Daniel Ives said in a tweet it appeared Musk and Tesla were "trying to be ahead of a slower delivery ramp this year and preserve margins ahead of an economic slowdown." ) 'PAUSE ALL HIRING' Before Musk's warning, Tesla had about 5,000 job postings on LinkedIn from sales in Tokyo and engineers at its new Berlin gigafactory to deep learning scientists in Palo Alto. It had scheduled an online hiring event for Shanghai on June 9 on its WeChat channel. Musk's demand that staff return to the office has already faced pushback in Germany. And his plan to cut jobs would face resistance in the Netherlands, where Tesla has its European headquarters, a union leader said. "You can't just fire Dutch workers," said FNV union spokesperson Hans Walthie, adding Tesla would have to negotiate with a labor union on terms for any departures. In a Tuesday email, Musk had said Tesla employees were required to be in the office for a minimum of 40 hours per week, closing the door on any remote work. "If you don't show up, we will assume you have resigned," he said. Musk has referred to the risk of a recession repeatedly in recent comments. Remotely addressing a conference in mid-May in Miami Beach, he said: "I think we are probably in a recession and that recession will get worse." ) " onerror="this.style.display='none'" class="msg-img" /> Other companies have cut jobs or are slowing or pausing hiring amid weakening demand. Last month, Netflix (NASDAQ:NFLX) said it had laid off about 150 people, mostly in the United States, and Peloton (NASDAQ: PTON) said in February it would cut 2,800 jobs. Meta Platforms, Uber (NYSE:UBER) and other technology companies have slowed hiring. In June 2018, Musk said Tesla would cut 9% of its workforce as the then-loss-making company struggled to ramp up output of Model 3 electric sedans, although data in its SEC filings showed reductions were more than offset by hiring by year end.

Exclusive-Musk feels 'super bad' about economy, needs to cut 10% of Tesla jobs

yeah they were advertising 5000 jobs.... now none, what info is he party to that rest of us not getting

**conorsen:** 1.2 million jobs created in the last 3 months -- this isn't anything close to a recession. https://twitter.com/conorsen/status/1532708509787242497

**M_McDonough:** (As seen on TLIV) Comeback in Jobs from the Pandemic Bottom -- NFP 27M Net Change {ECAN} https://t.co/Zg30dl6Vf3 https://twitter.com/M_McDonough/status/1532707170399166464

https://www.reuters.com/markets/view-musks-jobs-warning-tesla-underscores-gloomy-economic-outlook-2022-06-03/

By Kanupriya Kapoor SINGAPORE (Reuters) - Asian shares were mostly higher on Friday as investors hoped U.S. jobs data due later might sway the Federal Reserve to slow its current aggressive pace of interest rate hikes over the coming months. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.56%, riding a strong Wall Street close overnight. Japan's Nikkei was up 1.2%, and shares in Seoul were up 0.46%, while Australia's resource-heavy index was up 0.79%. European STOXX 50 futures rose 0.76%. Markets in China, Hong Kong and the UK are closed for public holidays. Overnight, tech stocks led a rally on Wall Street, lifting the S&P500 1.84%, the Nasdaq Composite 2.68%, and the Dow Jones Industrial Average 1.29%. On Thursday, the ADP National Employment Report showed U.S. payrolls rising at a slower-than-expected pace last month. Investors are now looking to the U.S. Labor Department’s comprehensive jobs report, due later on Friday, for confirmation of a slowdown in the employment market, which could convince the Fed to go slow on interest rate hikes for the rest of the year. "For equities right now, anything that might be viewed as capping the Fed’s tightening could be viewed as supportive," said ING's Asia head of research Rob Carnell. "So, therefore, weak macro data becomes positive for stocks." Economists expect about 325,000 jobs were added last month in the United States and reckon unemployment ticked lower to 3.5%. "Any deviation from these figures that shows the labour market hanging together better than this might well be negative for equities and vice versa," Carnell said. Inflation is the biggest worry for the Fed and global policymakers. Fed officials have said that U.S. interest rates would likely continue to be raised aggressively unless inflation moderates. "Front-end rate hike pressure that had built the day prior on robust economic data immediately eased off after a weaker than expected May ADP employment print, suggesting things are cooling off," said Stephen Innes of SPI Asset Management. Markets have locked in consecutive 50-basis-point Fed hikes in June and July but the dollar has been pushed around this week by uncertainty about what happens after that. The U.S. dollar currency index, which tracks the greenback against six major currencies, was at 101.770, pausing a rally earlier in the week. The yen has been kept under pressure by super-low interest rates in Japan, and was last steady at 129.80 per dollar, having lost 2% on the greenback this week. U.S. Treasury yields were mixed ahead of the non-farm payrolls data. The benchmark 10-year yield was at 2.9204% while the 2-year yield, which tends to be sensitive to U.S. rate expectations, was down at 2.6484%. Oil prices were unchanged after U.S. crude inventories fell amid high demand, even as oil-producing countries OPEC+ agreed to boost production. Brent futures were at $117.17 per barrel, while U.S. West Texas Intermediate crude stood at $116.34. To read Reuters Markets and Finance news, click on https://www.reuters.com/finance/marketsFor the state of play of Asian stock markets please click on:

Stocks rise as investors await U.S. jobs data for Fed cues

**Attention Shifts to Economy** **Summary:** Equity markets rolled over to the weak side after a choppy session yesterday, closing at a three-day low, in part as strong US economic data yesterday, especially the May ISM Manufacturing, boosted US treasury yields sharply. Treasury yields and US data will likely remain an important focus through tomorrow’s May US ISM services report as well as the May US payrolls and earnings numbers. An OPEC+ meeting today will test markets belief in whether Saudi Arabia and other OPEC members can boost production to compensate for reduced Russian supplies. **ISM data puts more weight on Friday’s US May jobs data** - The US ISM manufacturing headline rose to 56.1 in May from 55.4, far better than expectations of a decline to 54.5. However, the employment sub-index was disappointing, falling beneath the 50.0 neutral mark to 49.6. That makes the job data out this week from ADP and NFP more interesting. While momentum is set to slow, given expectations of 325k in NFP vs. 500k odd at the start of the year wage growth remains key. **Hawkish Fed comments** - Fed's Bullard, who is undoubtedly the most hawkish Fed member, has urged other FOMC members to move to 3.5% this year. This comes after Fed’s Bostic yesterday said that he didn’t suggest a Fed put with his comments last week which led to a September pause started to get priced in. **ECB hawks are back** - ECB’s Holzmann was more vocal yesterday about the potential 50bps rate hike to be considered, after Eurozone inflation reached record highs in May. While we are now getting into a quiet period ahead of the June meeting next week, the ECB rhetoric is likely to shift to a more hawkish stance thereafter ahead of key Q3 meetings, with July widely believed to be the “liftoff” meeting. EURUSD has plummeted back below 1.0660 and support at 1.0640 is the next focus ahead of the US payrolls and earnings data tomorrow.

**Market narrative shift underway?** The brief period of consolidation US treasury yields and the weaker US dollar have helped ease the pressure on risk sentiment over the last two weeks or so. This period of improved sentiment arrived just after the US S&P 500 index nearly fell into “official” bear market status (although the greatest draw-down from intraday all-time high to low earlier this month did exceed -20%, the close-to-close drawdown has only been –18.7%). The pressure on the equity markets may pick back up, somewhat ironically, if US data through Friday’s May jobs (and earnings) report, and the May ISM Services suggest that US growth is humming along at a solid clip, taking US yields back toward cycle highs. Uncertainty on the impacts of Fed QT that kicks off today and ramps up to full force over the next three months to a pace of $95 billion/month could also prove a factor weighing on sentiment.

**Attention on Central Banks and Economy** **Summary: ** A choppy session for global markets yesterday as an equity market sell-off, partially inspired by a fresh spike in crude oil prices on new EU sanctions against Russia, was reversed intraday when the bottom suddenly fell out of a steep oil market rally on a story that OPEC may exempt Russia from its oil output targets, allowing OPEC members with any spare capacity to increase production. Elsewhere, the US dollar has firmed on US yields are higher all along the curve ahead of key US data through the Friday May jobs report. **US data upbeat but consumer confidence getting hit by higher prices** Chicago PMI saw an upside surprise after rising to 60.3 from 56.4, against expectations for a decline to 55.0. Consumer confidence, although still upbeat and higher than expectations, declined to 106.4 from a revised higher 108.6. Higher prices are hitting consumer sentiment, but not enough to materially impact economic momentum for now. **Biden meets Powell.** President Biden met Fed Chair Powell yesterday and said he respects central bank independence – the obvious statement to make in a public setting. He made Powell in charge of fighting inflation, kind of laying the ground for putting the blame of economic slowdown on him a few months down the line. **Euro CPI at record highs** The Euro-wide CPI rose to all-time highs of 8.1% y/y in May, higher than last month's 7.5% and the consensus estimate of 7.8%. The print is likely to make the ECB policymakers open to more aggressive tightening moves after a move to exit negative rates in Q3.

By Tom Westbrook SINGAPORE (Reuters) - The dollar nursed last week's losses on Monday and was headed for its first monthly drop in five months as investors have scaled back bets that rising U.S. rates will spur further gains and as fears of a global recession have receded a little. The week ahead is full of data that could provide clues on the outlook for global growth, U.S. interest rates and the dollar with Chinese Purchasing Managers' Index figures, U.S. jobs numbers and growth data in resource bellwether Australia. Trade was likely to be lightened through Monday as U.S. stock and bond markets close for the Memorial Day public holiday. Early in the Asia session the dollar was a fraction weaker on the euro at $1.0728, just above a five-week low, having dropped about 1.5% on the common currency last week. The risk-sensitive Australian and New Zealand dollars were firm after a Friday rally, while the yen was a fraction weaker at 127.28 per dollar. The Aussie hovered near a three-week high at $0.7161, as did the kiwi at $0.6536. [AUD/] "The dollar can fall further this week. Were it not for China's lockdown, the global outlook would be brighter, and the dollar lower," said Joe Capurso, head of international economics at the Commonwealth Bank of Australia (OTC:CMWAY) in Sydney. The dollar index, which hit a two-decade high of 105.010 earlier in May was steady at 101.660 on Monday. Sterling held last week's gains at $1.2628. China's yuan held steady at 6.7210 per dollar in offshore trade, buoyed by progress out of virus lockdowns. Shanghai said on Sunday "unreasonable" curbs on businesses will be removed from June 1, while Beijing reopened parts of its public transport as well as some malls. Most analysts are wary of calling an outright end to the recent dollar strength. But positive U.S. consumer data and the easing lockdowns in China is helping kindle hopes about global growth, which tends to support exporters' currencies at the dollar's expense. Investors have also seized on hints the Federal Reserve, once it has hiked aggressively over the next two months, might then take a breather. "The Fed has stopped short of validating calls for even more tightening, leading to a plateau in forward expectations," said NatWest Markets' global head of desk strategy, John Briggs. Cryptocurrencies remain on the back foot and bitcoin has struggled to recoup losses made during a broad sell-off of risk assets at the start of the month. It last bought $29,333. ======================================================== Currency bid prices at 0036 GMT Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar $1.0732 $1.0736 -0.03% -5.59% +1.0740 +1.0727 Dollar/Yen 127.2100 127.1000 +0.20% +10.72% +127.3300 +127.3500 Euro/Yen 136.52 136.42 +0.07% +4.77% +136.6300 +136.4000 Dollar/Swiss 0.9578 0.9574 +0.04% +5.00% +0.9583 +0.9571 Sterling/Dollar 1.2624 1.2628 +0.00% -6.62% +1.2634 +1.2625 Dollar/Canadian 1.2720 1.2722 -0.03% +0.59% +1.2728 +1.2715 Aussie/Dollar 0.7162 0.7160 +0.07% -1.43% +0.7166 +0.7149 NZ Dollar/Dollar 0.6534 0.6539 -0.07% -4.54% +0.6540 +0.6524 All spots Tokyo spots Europe spots Volatilities Tokyo Forex market info from BOJ

In the Economy 3.0, metaverses will create jobs for millions https://cointelegraph.com/news/in-the-economy-3-0-metaverses-will-create-jobs-for-millions

like me !!!! > @dros said: some people actually work at their jobs nav

some people actually work at their jobs nav

👀 > @TkNeo said: If you are not gay, black, lgbtq, you dont stand a chance of getting any of these jobs

If you are not gay, black, lgbtq, you dont stand a chance of getting any of these jobs > @lucullus said: The Biden admin is filling vacant FED positions based on diversity and ideology rather than competence. Doesnt sound like a recipe for success

i expect going forward there is going to be a lot less jobs on wall st

Crypto jobs market holding up despite tech industry cutbacks https://cointelegraph.com/news/crypto-jobs-market-holding-up-despite-tech-industry-cutbacks

nothing to do with jobs , just old fashion affairs and ties

US agencies warn against the influx of North Koreans in IT and crypto jobs online https://cointelegraph.com/news/us-agencies-warn-against-the-influx-of-north-koreans-in-it-and-crypto-jobs-online

US Agencies Warn of Attempts by North Koreans to Get IT Jobs While Concealing Nationality https://www.coindesk.com/policy/2022/05/16/us-agencies-warn-of-attempts-by-north-koreans-to-get-it-jobs-while-concealing-nationality/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

**@CNBC:** These are the 5 most "boring" — and exciting — jobs in the world, according to a recent study. (via @CNBCMakeIt) https://t.co/4VQYkraMId https://twitter.com/CNBC/status/1525896713579511809

**@CNBC:** These are the 10 most in-demand entry-level remote jobs to land right now—and where to find them. (via @CNBCMakeIt) https://t.co/bbPVMfT8Nb https://twitter.com/CNBC/status/1525870813920088070

**@CNBC:** These 40-something parents quit their jobs to run their own businesses—now they earn $1 million working 20 hours a week 🤯 https://t.co/tvXa7OxQWU (via @CNBCMakeIt) https://t.co/bXhWX3pr0t https://twitter.com/CNBC/status/1525855774211297283

**@nytimesbusiness:** When more than 40 million people left their jobs last year, it was called the Great Resignation. But people weren’t leaving work altogether. What workers realized was that they could find better ways to earn a living. https://t.co/e0KAga6Ajf https://twitter.com/nytimesbusiness/status/1525854294582370306

**@CNBC:** Here's how 3 millennials started a hard seltzer brand while working full-time jobs – and how TikTok changed everything. https://t.co/yfdyKHpady #investinyou (In partnership with @acorns.) https://t.co/rwy0P0EKht https://twitter.com/CNBC/status/1525793119312220160

**@CNBC:** Check out this "insanely great" offer letter Steve Jobs wrote to hire an employee – who now regrets turning him down. (via @CNBCMakeIt) https://t.co/pP1E0bvWuN https://twitter.com/CNBC/status/1525787023784787968

**@CNBC:** "Dirty Jobs" host Mike Rowe: Following your passion "rarely works out" — do this instead. https://t.co/U5tU76TvEl (via @CNBCMakeIt) https://t.co/higYefYk1I https://twitter.com/CNBC/status/1525598076492255233

**@nytimesbusiness:** When more than 40 million people left their jobs last year, it was called the Great Resignation. But people weren’t leaving work altogether. What workers realized was that they could find better ways to earn a living. https://t.co/epBGhZFRhn https://twitter.com/nytimesbusiness/status/1525544753105879041

**@CNBC:** Millions of Americans have quit their jobs. They've gained new financial freedom, but they’ve also lost a big advantage of having a 9 to 5: Health insurance benefits. Can Obamacare work for this influx of uninsured Americans? Watch the full video here: https://t.co/lmnhhr0SQ7 https://t.co/wrasM4kGmb https://twitter.com/CNBC/status/1525541453031784448

**@elerianm:** A clip from this morning's conversation with @AliVelshi.Thank you Ali for having me on your show.https://t.co/V3zXq4IG4P@VelshiMSNBC #economy #markets #growth #inflation #inequality #jobs @msnbc https://twitter.com/elerianm/status/1525532744054452229

**@CNBC:** Steve Jobs used his vacation time to bombard Apple staffers with phone calls, says iPod's creator — here's why (via @CNBCMakeIt) https://t.co/dnpayKyovv https://twitter.com/CNBC/status/1525465205119107073

**@CNBC:** Check out this "insanely great" offer letter Steve Jobs wrote to hire an employee – who now regrets turning him down. (via @CNBCMakeIt) https://t.co/5Lbict6oUj https://twitter.com/CNBC/status/1525355465953116160

cops don't do their jobs

this guy is one of the reasons rates were so low for so long, why do these chumps keep their jobs

US Jobs Report Shows Gain of 428,000, Adding to Price Pressures https://www.coindesk.com/markets/2022/05/06/us-jobs-report-shows-gain-of-428000-adding-to-price-pressures/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

Bitcoin Breaks Bullish Trendline; US Jobs Data Eyed https://www.coindesk.com/markets/2022/05/06/bitcoin-breaks-bullish-trendline-us-jobs-data-eyed/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

By Ann Saphir WASHINGTON (Reuters) -The Federal Reserve on Wednesday is expected to raise interest rates by half of a percentage point and announce the start of reductions to its $9 trillion balance sheet as U.S. central bankers intensify efforts to bring down high inflation. Fed policymakers have widely telegraphed a double-barreled decision that would lift the Fed's short-term target policy rate to a range between 0.75% and 1%, and set in motion a plan to trim its portfolio of Treasuries and mortgage-backed securities (MBS) by as much $95 billion a month. The policy statement is due to be released at 2 p.m. EDT (1800 GMT) following the end of the Fed's latest two-day meeting. Markets have priced in further rate increases through this year and into next, including three more half-percentage-point hikes, as traders bet the central bank moves much more quickly than it had anticipated it would in March to get borrowing costs up to where they will start actively curbing inflation. With no fresh Fed economic or policy rate projections due until the central bank's June meeting, most clues on how far and how fast it is prepared to go will come from Fed Chair Jerome Powell's news conference, which starts at 2:30 p.m. EDT. 'SOUND HAWKISH' The Fed began its current round of policy tightening in mid-March with a quarter-percentage-point rate hike, smaller than many policymakers had wanted given inflation had hit a 40-year high, but calibrated so as not to inject more uncertainty into global markets roiled by Russia's Feb. 24 invasion of Ukraine. In the weeks since that decision, inflation has gained new steam as the war pushed up oil and food prices and China's strict lockdowns to combat the spread of COVID-19 further disrupted supply chains. Data on the U.S. labor market also suggests increasing labor market tightness, with employment costs surging as businesses struggle to hold onto workers. A record number of job openings may also translate to higher wages that could also feed through to inflation. And there are signs that worker shortages and higher costs may actually be sapping labor market strength. Data from the ADP National Employment Report on Wednesday showed private companies adding far fewer jobs than expected in April, and small companies shedding workers for the second time in three months. All that is ratcheting up the pressure on the Fed to act more decisively to rein things in. "Powell will continue to have a strong incentive to sound hawkish," Piper Sandler economist Roberto Perli said this week. "The Fed's focus these days is 100% on bringing inflation down, and hawkish expectations help that cause." In the run-up to this week's meeting, Powell has said he wants to get rates "expeditiously" to what Fed policymakers regard as a "neutral" range of 2.25%-2.5%, and then higher if needed. Most of his colleagues appear to be on board with at least the first part of that plan. The aim would be to lift borrowing costs high enough and fast enough that households slow spending and businesses pare hiring in response, reducing inflation that is now about three times the Fed's 2% target. Traders are now betting the Fed will get its benchmark overnight interest rate to above the estimated neutral range by September, with further rate increases on the table before topping out in the 3.5%-3.75% range in the first half of 2023. The central bank wants to avoid raising rates so high or so fast that it short-circuits the labor market and trips up the economy. The U.S. unemployment rate has only just dropped to 3.6%, near the pre-pandemic level, and any large reversal could be a prelude to a recession. The Fed has managed "soft landings" infrequently in the past, analysts say, and at this point has allowed inflation to rise so much faster than interest rates that it may have already missed its chance to do so. And while it is expected to raise rates rather quickly now to compensate, the inflation path will also depend on a number of factors beyond the Fed's control, including the evolution of the pandemic, the war in Ukraine, and ongoing supply and labor shortages connected to both. The Fed's plan to reduce its balance sheet will also be a focus on Wednesday. While the broad outlines were disclosed about three weeks ago in minutes of the Fed's March meeting, investors expect to learn details of the speed and extent of the plan, including possible MBS sales at some point in the future.