It’s Not About Jobless Claims Today, It’s About What Will Hamper Job Growth In A Few Months

If not COVID-19 then something else.

Like policymakers twelve years before, policymakers last year and this year won’t listen. They’ve turned 2020 into 2008; literally, in the case of the monetary policy response because, quite frankly, they just don’t know what else to do.

Ben Bernanke was right, and being right only about this one thing should haunt him forever. We have to have a working monetary system, else there won’t be enough recovery momentum because there can’t be enough. The eurodollar futures market isn’t pricing the surreal surge in jobless claims, it’s trading as if Powell and Bernanke are exactly the same and therefore preparing for that part of history, the worst part, to repeat itself.

Once this thing is over, American workers need to realize, as eurodollar futures investors do, that they’re going to get back to work more slowly and, unless something meaningful changes very soon, ultimately fewer of them will.

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Disclosure: This material has been distributed for informational purposes only. It is the opinion of the author and should not be considered as investment advice or a recommendation of any ...

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