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By Staff Reporters
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- Markets: The relative calm after JPMorgan scooped up First Republic Bank lasted all of…one day. Two other West Coast lenders, PacificWest and Western Alliance, both tumbled in a sign investors still smell blood among regional banks.
- Economy: Happy Fed Decision Day to all who celebrate. With inflation sizzling at still-uncomfortably high levels, Chair Jerome Powell is expected to announce the central bank’s 10th straight interest rate hike this afternoon. But many economists expect this rate increase could be the grand finale.
- Layoffs jump to the highest level since late 2020. The number of job openings in the US dropped to a nearly two-year low in March, and layoffs increased to their highest point since December 2020, the Labor Department revealed yesterday. In this “bad news is good news” economic environment, the Fed will be pleased that the boiling-hot labor market is cooling off. It means less pressure on inflation and more justification to pause hiking rates.
- CITE: https://www.r2library.com/Resource
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Filed under: Alerts Sign-Up, Ethics, Experts Invited, Financial Planning, Funding Basics, Investing, LifeStyle | Tagged: DOL, economy, fed, Federal Reserve, FOMC, FRB, inflation, interest rates, Jerome Powell, JPMorgan, layoffs, PacWest, USDOL, Western Alliance |
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