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Wow! It seems that the U.S. job market is going to hell. Who would have thought? The employment data that just came out is really bad. Only 54,000 new jobs in the private sector, when they were expecting 65,000. And unemployment claims rose more than expected.
This smells like recession all around. It was high time for the damn Fed to realize what is happening. They have had their heads up their asses for months, ignoring all the signs.
Tomorrow the complete employment report is coming out and it will be crucial. If the numbers are as bad as these, we might see up to three rate cuts this year. It would be the least they could do to try to save this economy that's going down the drain.
But well, what can you expect from these bureaucrats? I'm sure they'll find a way to mess it up even more. All they know how to do is print money and pray for everything to fix itself.
In short, prepare for the worst. This is going to take a long time and I seriously doubt that the geniuses at the Fed have any idea how to fix it. If I were you, I would start getting ready for tough times.