Powell to Break Wall Street’s Pavlovian Response to Recession

Those investors who are hanging on to the hopes of an imminent Powell Pivot back to ZIRP and QE received some disappointing news from the latest Non-farm Payroll Report. During the month of December, 223k net new jobs were created, and the unemployment rate fell to 3.5% from 3.6%. That 3.5% unemployment rate ties the record low of data going back 50 years.