Jerome Powell and the Fed Has New Bearish Jobs Data to Mull

The latest data from Challenger, Gray & Christmas reveals that job cuts in October reached their highest levels since 2003, with 153,074 layoffs reported, nearly tripling figures from the previous year. The year-to-date layoffs surpass 1 million, marking the steepest increase since the 2020 pandemic. This surge in layoffs coincides with rising costs and reduced consumer spending, prompting companies to implement hiring freezes. Meanwhile, the Federal Reserve, led by Jerome Powell, has recently adopted a hawkish stance despite these bearish employment indicators, stating that inflation concerns justify maintaining a firm policy. The lack of comprehensive economic data due to the ongoing government shutdown further complicates the Fed's outlook. Market reactions have shown volatility, with the Treasury yield dropping and increased speculation regarding future rate cuts amid signs of a faltering job market. Currently, Bitcoin holds steady at approximately $103,000, amid market uncertainty stemming from these developments.

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