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President Biden had higher give his State of the Union Tackle earlier than the economic system worsens any extra.
In January, the Challenger, Grey and Christmas jobs cuts index was a doozy. Jobs cuts rose 440%. That is taking place as The Federal Reserve retains its toes on the financial brake pedal.
The Challenger report exhibits an enormous leap of 135.8 % in layoff intentions to 102,943 in January, up from 43,651 in December and 440.0 % increased than the 19,064 in January 2022. Lots of the job cuts are within the tech sector, however job cuts are actually spreading throughout the economic system as a recession looms.
This morning, the US Treasury 10-year yield is down solely -3.5 foundation factors, however it’s Europe the place the motion is. UK is down -16.2 foundation factors and Italy is down -14.8 bps. UPDATE: US 10Y yield down -5.3 BPS, Italy 10Y down -29 bps.
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