On Thursday, The Epoch Times posted an article about the unemployment numbers released for last week. Some of the economic statistics for October and November have not been released because of the government shutdown. I am not sure if they are going to be released.
The article reports:
For the week ending Nov. 29, initial jobless claims fell by 27,000 to 191,000, marking the fourth consecutive weekly drop.
Economists had penciled in a reading of 220,000.
Notice how the economists’ estimates are always more negative than the actual figures when a Republican is in office.
The article notes:
But while slowing layoffs and declining jobless claims have been positive signs, the futures market overwhelmingly expects the Federal Reserve to lower interest rates when monetary policymakers convene their two-day policy meeting next week.
Minutes from the October Federal Open Market Committee meeting reveal a divergence in views of where monetary policy is headed. Commentary from central bank officials also suggests different assessments of the U.S. economy.
Waller, considered a top contender to replace Fed Chair Jerome Powell next year, supports a quarter-point rate cut to the benchmark federal funds rate.
Cleveland Fed President Beth Hammack has expressed skepticism over further rate cuts, warning of high inflation.
The headline annual inflation rate presently sits at 3 percent. The Fed’s preferred inflation measure—the personal consumption expenditure price index—is at 2.7 percent.
Somehow inflation was not a worry when the rates were cut during the Biden administration. Considering how much the rate of inflation has dropped, I think it is time to cut the rates and let the housing market loose.


