Wall Street Today | Fed's George Says Rates Should Stay Above 5% Well Into 2024
MACRO
US Labor Data Surprise as Job Market Runs Hotter Than Forecast
Private payrolls increased 235,000 last month, led by small- and medium-sized businesses, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The figure exceeded all but one forecast in a Bloomberg survey of economists.
Additionally, applications for unemployment benefits fell last week to the lowest since late September, according to Labor Department data.
Fed's George Says Rates Should Stay Above 5% Well Into 2024
"I have raised my forecast over 5%," Federal Reserve Bank of Kansas City President Esther George said Thursday, referring to her projection for the federal funds rate. "I see staying there for some time, again, until we get the signals that inflation is really convincingly starting to fall back toward our 2% goal."
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Fed's Bullard Says Rates Are Getting Closer to Sufficiently High
Federal Reserve Bank of St. Louis President James Bullard said interest rates are getting closer to a high enough level to bring down inflation, suggesting he's comfortable with policymakers' projections of how much further they will hike this year.
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SECTORS
Treasury Yields Surge as Strong Jobs Data Bolsters Fed Hike Bets
Bond traders' expectations for how high the Federal Reserve might need to push its benchmark rate received renewed impetus on Thursday as focus turns to the strength of the US labor market, pushing short-end Treasury yields to levels last seen in November.
COMPANY
Bed Bath & Beyond Shares Plummet After Company Warns of Potential Bankruptcy
$Bed Bath & Beyond Inc(BBBY.US$ warned Thursday it's running out of cash and is considering bankruptcy. Shares of the company fell about 30% to close the day at $1.69. The stock earlier touched a 52-week low earlier in the day.
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Qualcomm, Iridium Partner to Bring Satellite-Based Messaging to Android Phones
$Qualcomm(QCOM.US$ has partnered with $Iridium Communications(IRDM.US$ to provide a satellite-based messaging service on premium smartphones running $Alphabet-A(GOOGL.US$'s Android operating system, the chipmaker said on Thursday.
Pfizer to Pull Back on Early-Stage Rare Disease Research, Selling Some Major Assets
$Pfizer(PFE.US$ said it would "externalize" most of its early-stage rare disease programs in neurology and cardiology, and gene therapy programs not yet in clinical trials.
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Delta Plans to Offer Free Wi-Fi Starting Feb. 1
$Delta Air Lines(DAL.US$ will offer travelers Wi-Fi for free starting Feb. 1, CEO Ed Bastian said. The plan to introduce free internet service comes as airlines compete for customers in the travel rebound.
Source: Bloomberg, Dow Jones, CNBC
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RJBoy : If the Feds want to keep rates above 5% for that long they must see a rocky road leading into 2024.
Ixy The Cat : I have serious doubts with the labour figures.
Daddyluvz : hey everyone how the day so dar?