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Friday, February 3, 2023

The US labor market is facing a recession

“The labor market is facing a downturn, While it is true that the labor data was positive for the future of the US economy, it is meant to give the Federal Reserve little room so that it can continue to raise rates. It clashes with the slightly less aggressive words we had on Wednesday from Federal Reserve Chairman Jerome Powell. With interest rate futures already speculating a maximum rate above 5% for next year, it was back and forth for the market and was slightly negative at the close. The market sentiment indexes that I follow the most, the Fear and Greed index and AlphaValue Momentum, show extreme greed at 75 out of 100 points, so we are very prudent with this market, with interest rates…” , explains Pablo Garcia, director of AlphaValue.

García says inflation may have peaked in both the United States and the eurozone, while there is considerable flexibility in the labor market. According to them, this opens the door for central banks to continue down their path of restrictive monetary policy. “We are seeing an optimism in the market which is very powerful as we have not yet entered a recession”value.

AlphaValue’s director highlights the agreement between Russia and the Organization of the Petroleum Exporting Countries (OPEC+), which has decided to maintain existing production to respond to market uncertainty. The EU will set a cap of $60 (57 euros) on Russian crude on Friday,

It comes at a time when EU sanctions on Russia’s crude exports are set to take effect next Monday, and restrictions are being gradually eased against the epidemic in China, which has been experiencing the worst in recent months. Will offset the reduction in fuel consumption achieved.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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