Capitalism, The Fed and Economic Policy
Comments
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I didn't realize that Meta was encumbered by a scholarship limit. I guess it is apples to apples. And the number of "great" basketball players each year was 13 and UCLA got them all.tempo_n_groove said:
You did say "crazy business". Wooden used to get ALL the greatest players and bench them, so it falls under what you are saying as to not utilizing them.mrussel1 said:
What a strange analogy. The Yankees and Bruins could only add up to the roster limit. And so each player has a role. The Bruins didn't have 30 players on scholarship.tempo_n_groove said:
Ever hear of the Yankees? Or the John Wooden UCLA Bruins?mrussel1 said:
Meta is the company that hired thousands of software engineers that they didn't need and couldn't use. They only did it to prevent them from going to competitors. That was the craziest thing I've heard in business in a while.mickeyrat said:
I wanted to add to this. In the mid 90's Boeing would hire a ton of people then have a massive layoff 6 months later. They would retain only the best of the bunch. Working for Boeing at that time was a lifetime job, so losing it meant there was definitely something wrong with you as my captains brother was a testament to that and working next to him in the docks.
The problem with Meta's strategy, besides being a cash burn, is that now you have engineers who had no roles and they literally would spend days on meet and greets, if they had any at all. They were not on any products or projects. So when they were RIFed, they didn't have any relevantĺ experience and stalling their careers
The Boeing example though made sense to mass hire and get rid of the dregs.
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There's some parallel there but it's not like UCLA giving scholarships to the best players cost them more than giving them to second-tier players. In fact they didn't get more players than they otherwise would have. Hiring and paying more people than needed just to keep them from competitors is a way different game.1995 Milwaukee 1998 Alpine, Alpine 2003 Albany, Boston, Boston, Boston 2004 Boston, Boston 2006 Hartford, St. Paul (Petty), St. Paul (Petty) 2011 Alpine, Alpine
2013 Wrigley 2014 St. Paul 2016 Fenway, Fenway, Wrigley, Wrigley 2018 Missoula, Wrigley, Wrigley 2021 Asbury Park 2022 St Louis 2023 Austin, Austin
2024 Napa, Wrigley, Wrigley0 -
Wow, you just cant see that UCLA acquired the best players and didn't utilize them like Meta hired a bunch of people and didn't utilize them...mrussel1 said:
I didn't realize that Meta was encumbered by a scholarship limit. I guess it is apples to apples. And the number of "great" basketball players each year was 13 and UCLA got them all.tempo_n_groove said:
You did say "crazy business". Wooden used to get ALL the greatest players and bench them, so it falls under what you are saying as to not utilizing them.mrussel1 said:
What a strange analogy. The Yankees and Bruins could only add up to the roster limit. And so each player has a role. The Bruins didn't have 30 players on scholarship.tempo_n_groove said:
Ever hear of the Yankees? Or the John Wooden UCLA Bruins?mrussel1 said:
Meta is the company that hired thousands of software engineers that they didn't need and couldn't use. They only did it to prevent them from going to competitors. That was the craziest thing I've heard in business in a while.mickeyrat said:
I wanted to add to this. In the mid 90's Boeing would hire a ton of people then have a massive layoff 6 months later. They would retain only the best of the bunch. Working for Boeing at that time was a lifetime job, so losing it meant there was definitely something wrong with you as my captains brother was a testament to that and working next to him in the docks.
The problem with Meta's strategy, besides being a cash burn, is that now you have engineers who had no roles and they literally would spend days on meet and greets, if they had any at all. They were not on any products or projects. So when they were RIFed, they didn't have any relevantĺ experience and stalling their careers
The Boeing example though made sense to mass hire and get rid of the dregs.
If that's not a similarity I won't try to explain it any more...0 -
UCLA recruited and gave scholarships to the best 13 people they were able to do. Is it really your argument that all 13 players on the 1975 UCLA team were better than every other player in division 1?tempo_n_groove said:
Wow, you just cant see that UCLA acquired the best players and didn't utilize them like Meta hired a bunch of people and didn't utilize them...mrussel1 said:
I didn't realize that Meta was encumbered by a scholarship limit. I guess it is apples to apples. And the number of "great" basketball players each year was 13 and UCLA got them all.tempo_n_groove said:
You did say "crazy business". Wooden used to get ALL the greatest players and bench them, so it falls under what you are saying as to not utilizing them.mrussel1 said:
What a strange analogy. The Yankees and Bruins could only add up to the roster limit. And so each player has a role. The Bruins didn't have 30 players on scholarship.tempo_n_groove said:
Ever hear of the Yankees? Or the John Wooden UCLA Bruins?mrussel1 said:
Meta is the company that hired thousands of software engineers that they didn't need and couldn't use. They only did it to prevent them from going to competitors. That was the craziest thing I've heard in business in a while.mickeyrat said:
I wanted to add to this. In the mid 90's Boeing would hire a ton of people then have a massive layoff 6 months later. They would retain only the best of the bunch. Working for Boeing at that time was a lifetime job, so losing it meant there was definitely something wrong with you as my captains brother was a testament to that and working next to him in the docks.
The problem with Meta's strategy, besides being a cash burn, is that now you have engineers who had no roles and they literally would spend days on meet and greets, if they had any at all. They were not on any products or projects. So when they were RIFed, they didn't have any relevantĺ experience and stalling their careers
The Boeing example though made sense to mass hire and get rid of the dregs.
If that's not a similarity I won't try to explain it any more...
That would be a feat considering only one player from that team was a first or second team All American. If your argument were true then shouldn't all ten spots be occupied by UCLA?
https://en.m.wikipedia.org/wiki/1975_NCAA_Men's_Basketball_All-Americans
Like I said, apples and oranges.0 -
The best players and didn't utilize them means they were great and didn't play...great in high school, they were recruited, recruited just like Meta did... AND DIDN'T USE THEM.,..mrussel1 said:
UCLA recruited and gave scholarships to the best 13 people they were able to do. Is it really your argument that all 13 players on the 1975 UCLA team were better than every other player in division 1?tempo_n_groove said:
Wow, you just cant see that UCLA acquired the best players and didn't utilize them like Meta hired a bunch of people and didn't utilize them...mrussel1 said:
I didn't realize that Meta was encumbered by a scholarship limit. I guess it is apples to apples. And the number of "great" basketball players each year was 13 and UCLA got them all.tempo_n_groove said:
You did say "crazy business". Wooden used to get ALL the greatest players and bench them, so it falls under what you are saying as to not utilizing them.mrussel1 said:
What a strange analogy. The Yankees and Bruins could only add up to the roster limit. And so each player has a role. The Bruins didn't have 30 players on scholarship.tempo_n_groove said:
Ever hear of the Yankees? Or the John Wooden UCLA Bruins?mrussel1 said:
Meta is the company that hired thousands of software engineers that they didn't need and couldn't use. They only did it to prevent them from going to competitors. That was the craziest thing I've heard in business in a while.mickeyrat said:
I wanted to add to this. In the mid 90's Boeing would hire a ton of people then have a massive layoff 6 months later. They would retain only the best of the bunch. Working for Boeing at that time was a lifetime job, so losing it meant there was definitely something wrong with you as my captains brother was a testament to that and working next to him in the docks.
The problem with Meta's strategy, besides being a cash burn, is that now you have engineers who had no roles and they literally would spend days on meet and greets, if they had any at all. They were not on any products or projects. So when they were RIFed, they didn't have any relevantĺ experience and stalling their careers
The Boeing example though made sense to mass hire and get rid of the dregs.
If that's not a similarity I won't try to explain it any more...
That would be a feat considering only one player from that team was a first or second team All American. If your argument were true then shouldn't all ten spots be occupied by UCLA?
https://en.m.wikipedia.org/wiki/1975_NCAA_Men's_Basketball_All-Americans
Like I said, apples and oranges.
I give up, you're right..0 -
tempo_n_groove said:
The best players and didn't utilize them means they were great and didn't play...great in high school, they were recruited, recruited just like Meta did... AND DIDN'T USE THEM.,..mrussel1 said:
UCLA recruited and gave scholarships to the best 13 people they were able to do. Is it really your argument that all 13 players on the 1975 UCLA team were better than every other player in division 1?tempo_n_groove said:
Wow, you just cant see that UCLA acquired the best players and didn't utilize them like Meta hired a bunch of people and didn't utilize them...mrussel1 said:
I didn't realize that Meta was encumbered by a scholarship limit. I guess it is apples to apples. And the number of "great" basketball players each year was 13 and UCLA got them all.tempo_n_groove said:
You did say "crazy business". Wooden used to get ALL the greatest players and bench them, so it falls under what you are saying as to not utilizing them.mrussel1 said:
What a strange analogy. The Yankees and Bruins could only add up to the roster limit. And so each player has a role. The Bruins didn't have 30 players on scholarship.tempo_n_groove said:
Ever hear of the Yankees? Or the John Wooden UCLA Bruins?mrussel1 said:
Meta is the company that hired thousands of software engineers that they didn't need and couldn't use. They only did it to prevent them from going to competitors. That was the craziest thing I've heard in business in a while.mickeyrat said:
I wanted to add to this. In the mid 90's Boeing would hire a ton of people then have a massive layoff 6 months later. They would retain only the best of the bunch. Working for Boeing at that time was a lifetime job, so losing it meant there was definitely something wrong with you as my captains brother was a testament to that and working next to him in the docks.
The problem with Meta's strategy, besides being a cash burn, is that now you have engineers who had no roles and they literally would spend days on meet and greets, if they had any at all. They were not on any products or projects. So when they were RIFed, they didn't have any relevantĺ experience and stalling their careers
The Boeing example though made sense to mass hire and get rid of the dregs.
If that's not a similarity I won't try to explain it any more...
That would be a feat considering only one player from that team was a first or second team All American. If your argument were true then shouldn't all ten spots be occupied by UCLA?
https://en.m.wikipedia.org/wiki/1975_NCAA_Men's_Basketball_All-Americans
Like I said, apples and oranges.
I give up, you're right..
its your contention they recruited these players to purposely bench them?
_____________________________________SIGNATURE________________________________________________
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140 -
So fuck stick has made the claim that the markets only doing so well because he is the leading candidate for president in this upcoming election. I don't know the market seems to have reacted pretty favorably to today's news out of the DC circuit
_____________________________________SIGNATURE________________________________________________
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140 -
Wooden grabbed them so other teams could not, if they did not fit in the group then yes, he benched them.mickeyrat said:tempo_n_groove said:
The best players and didn't utilize them means they were great and didn't play...great in high school, they were recruited, recruited just like Meta did... AND DIDN'T USE THEM.,..mrussel1 said:
UCLA recruited and gave scholarships to the best 13 people they were able to do. Is it really your argument that all 13 players on the 1975 UCLA team were better than every other player in division 1?tempo_n_groove said:
Wow, you just cant see that UCLA acquired the best players and didn't utilize them like Meta hired a bunch of people and didn't utilize them...mrussel1 said:
I didn't realize that Meta was encumbered by a scholarship limit. I guess it is apples to apples. And the number of "great" basketball players each year was 13 and UCLA got them all.tempo_n_groove said:
You did say "crazy business". Wooden used to get ALL the greatest players and bench them, so it falls under what you are saying as to not utilizing them.mrussel1 said:
What a strange analogy. The Yankees and Bruins could only add up to the roster limit. And so each player has a role. The Bruins didn't have 30 players on scholarship.tempo_n_groove said:
Ever hear of the Yankees? Or the John Wooden UCLA Bruins?mrussel1 said:
Meta is the company that hired thousands of software engineers that they didn't need and couldn't use. They only did it to prevent them from going to competitors. That was the craziest thing I've heard in business in a while.mickeyrat said:
I wanted to add to this. In the mid 90's Boeing would hire a ton of people then have a massive layoff 6 months later. They would retain only the best of the bunch. Working for Boeing at that time was a lifetime job, so losing it meant there was definitely something wrong with you as my captains brother was a testament to that and working next to him in the docks.
The problem with Meta's strategy, besides being a cash burn, is that now you have engineers who had no roles and they literally would spend days on meet and greets, if they had any at all. They were not on any products or projects. So when they were RIFed, they didn't have any relevantĺ experience and stalling their careers
The Boeing example though made sense to mass hire and get rid of the dregs.
If that's not a similarity I won't try to explain it any more...
That would be a feat considering only one player from that team was a first or second team All American. If your argument were true then shouldn't all ten spots be occupied by UCLA?
https://en.m.wikipedia.org/wiki/1975_NCAA_Men's_Basketball_All-Americans
Like I said, apples and oranges.
I give up, you're right..
its your contention they recruited these players to purposely bench them?0 -
Is that Megalomania or is he the all powerful Oz?mickeyrat said:So fuck stick has made the claim that the markets only doing so well because he is the leading candidate for president in this upcoming election. I don't know the market seems to have reacted pretty favorably to today's news out of the DC circuit0 -
But again, there is a scholarship limit so it's not the same. Second, they were not all the best players as evidenced by only one all- American. They were the best team.tempo_n_groove said:
Wooden grabbed them so other teams could not, if they did not fit in the group then yes, he benched them.mickeyrat said:tempo_n_groove said:
The best players and didn't utilize them means they were great and didn't play...great in high school, they were recruited, recruited just like Meta did... AND DIDN'T USE THEM.,..mrussel1 said:
UCLA recruited and gave scholarships to the best 13 people they were able to do. Is it really your argument that all 13 players on the 1975 UCLA team were better than every other player in division 1?tempo_n_groove said:
Wow, you just cant see that UCLA acquired the best players and didn't utilize them like Meta hired a bunch of people and didn't utilize them...mrussel1 said:
I didn't realize that Meta was encumbered by a scholarship limit. I guess it is apples to apples. And the number of "great" basketball players each year was 13 and UCLA got them all.tempo_n_groove said:
You did say "crazy business". Wooden used to get ALL the greatest players and bench them, so it falls under what you are saying as to not utilizing them.mrussel1 said:
What a strange analogy. The Yankees and Bruins could only add up to the roster limit. And so each player has a role. The Bruins didn't have 30 players on scholarship.tempo_n_groove said:
Ever hear of the Yankees? Or the John Wooden UCLA Bruins?mrussel1 said:
Meta is the company that hired thousands of software engineers that they didn't need and couldn't use. They only did it to prevent them from going to competitors. That was the craziest thing I've heard in business in a while.mickeyrat said:
I wanted to add to this. In the mid 90's Boeing would hire a ton of people then have a massive layoff 6 months later. They would retain only the best of the bunch. Working for Boeing at that time was a lifetime job, so losing it meant there was definitely something wrong with you as my captains brother was a testament to that and working next to him in the docks.
The problem with Meta's strategy, besides being a cash burn, is that now you have engineers who had no roles and they literally would spend days on meet and greets, if they had any at all. They were not on any products or projects. So when they were RIFed, they didn't have any relevantĺ experience and stalling their careers
The Boeing example though made sense to mass hire and get rid of the dregs.
If that's not a similarity I won't try to explain it any more...
That would be a feat considering only one player from that team was a first or second team All American. If your argument were true then shouldn't all ten spots be occupied by UCLA?
https://en.m.wikipedia.org/wiki/1975_NCAA_Men's_Basketball_All-Americans
Like I said, apples and oranges.
I give up, you're right..
its your contention they recruited these players to purposely bench them?0 -
_____________________________________SIGNATURE________________________________________________
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140 -
Yep I said this back then too...mickeyrat said:0 -
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You can’t.The Juggler said:
How do we convince the American people of this is the questionmickeyrat said:09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
Libtardaplorable©. And proud of it.
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A competent political party would be able to.Halifax2TheMax said:
You can’t.The Juggler said:
How do we convince the American people of this is the questionmickeyrat said:www.myspace.com0 -
Nah, there’s a third of repub voters who are way too far gone.The Juggler said:
A competent political party would be able to.Halifax2TheMax said:
You can’t.The Juggler said:
How do we convince the American people of this is the questionmickeyrat said:09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
Libtardaplorable©. And proud of it.
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This passage from the linked article struck me:
This only underscores the ironies of Bidenism. The Brookings study makes clear that the biggest beneficiaries of Biden’s investments live not in loyally Democratic metro areas but smaller “micropolitan areas.” Brookings found that such places “account for about 25% of the nation’s employment-distressed population, but have secured 50% of all strategic sector investments going to distressed counties since 2021.”
https://www.washingtonpost.com/opinions/2024/03/03/2024-election-working-class-paradox/
09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
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Fed Day is tomorrow.www.myspace.com0
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begs the question then, how does company pricing goods factor in to planning for rate cuts?https://apnews.com/article/federal-reserve-inflation-prices-interest-rates-cuts-502ced8f228ee469f84fc6f2eeea6e3e Federal Reserve still foresees 3 rate cuts this year but envisions fewer cuts in futureFederal Reserve still foresees 3 rate cuts this year but envisions fewer cuts in futureBy CHRISTOPHER RUGABER1 hour ago
WASHINGTON (AP) — Federal Reserve officials signaled Wednesday that they still expect to cut their key interest rate three times in 2024 despite signs that inflation was surprisingly high at the start of the year. Yet they foresee fewer rate cuts in 2025, and they slightly raised their inflation forecasts.
After ending their latest meeting, the officials kept their benchmark rate unchanged for a fifth straight time.
In new quarterly projections they issued, the policymakers forecast that stronger growth and inflation above their 2% target level would persist into next year. As a result, they suggested that interest rates would have to stay slightly higher for longer.
Speaking at a news conference, Chair Jerome Powell noted that inflation has cooled considerably from its peak. But, he added, "inflation is still too high, ongoing progress in bringing it down is not assured and the path forward is uncertain.”
“The risks are really two-sided here,” Powell said. "We’re in a situation where if we ease too much or too soon, we could see inflation come back. And if we ease too late, we could see unnecessary harm to employment.”
Rate cuts would, over time, lead to lower costs for home and auto loans, credit card borrowing and business loans. They might also aid President Joe Biden’s re-election bid, which is facing widespread public unhappiness over higher prices and could benefit from an economic jolt stemming from lower borrowing rates.
On Wall Street, traders sent stock prices surging Wednesday, evidently out of relief that the Fed kept its projection of three rate cuts this year. Traders had feared that the Fed might downgrade the number of expected rate cuts for 2024. Investors may also have been pleased that at his news conference, Powell didn't sound alarmed by signs of higher-than-expected inflation.
One recent government report showed that consumer prices jumped from January to February by much more than is consistent with the Fed’s target. Another showed that wholesale inflation came in surprisingly high — a possible sign of inflation pressures in the pipeline that could cause consumer price increases to remain elevated.
Those two reports, Powell said, “haven’t really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road towards 2%.”
For 2025, though, the policymakers now foresee only three rate cuts, down from four in their December projections. One reason may be that they expect “core” inflation, which excludes volatile food and energy costs, to still be 2.6% by the end of 2024, up from their previous projection of 2.4%. In January, core inflation was 2.8%, according to the Fed's preferred measure.
As a whole, Wednesday's forecasts suggest that the policymakers expect an unusual combination: A healthy job market and economy in tandem with inflation that continues to cool — just more gradually than they had predicted three months ago.
The Fed’s officials signaled that they now foresee their benchmark rate as being higher in the future than it was in recent years — high enough to keep inflation in check but low enough to keep the economy growing. They had long pegged such a “neutral" rate at 2.5%. But on Wednesday, the officials estimated that it's now 2.6%. If so, this means rates are less likely to return to the ultra-low levels that prevailed for years before the pandemic struck.
When the Fed raises its benchmark rate above the neutral rate, it seeks to slow growth and tame inflation. If the neutral rate is actually higher than the Fed had thought, it means its benchmark rate should be higher, too, to cool the economy and inflation.
Most economists have pegged the Fed’s June meeting as the most likely time for it to announce its first rate cut, which would begin to reverse the 11 hikes it imposed beginning two years ago. The Fed’s hikes have helped lower annual inflation from a peak of 9.1% in June 2022 to 3.2%. But they have also made borrowing much costlier for businesses and households.
Though consumer inflation has tumbled since mid-2022, it has remained stuck above 3%. And in the first two months of 2024, the costs of services, like rents, hotels and hospital stays, remained elevated. That suggested that high borrowing rates weren’t sufficiently slowing inflation in the economy’s vast service sector.
While the Fed’s rate hikes typically make borrowing more expensive for homes, cars, appliances and other costly goods, they have much less effect on services spending, which doesn’t usually involve loans. With the economy still healthy, there is no compelling reason for the Fed to cut rates until it feels inflation is sustainably under control.
At the same time, the central bank faces a competing concern: If it waits too long to cut rates, a long period of high borrowing costs could seriously weaken the economy and even tip it into a recession.
In most respects, the U.S. economy remains remarkably heathy. Employers keep hiring, unemployment remains low, and the stock market is hovering at record highs. Yet average consumer prices remain much higher than they were before the pandemic — a source of unhappiness for many Americans for which Republicans have sought to pin blame on Biden.
And there are signs that the economy could weaken in the coming months. Americans slowed their spending at retailers in January and February, for example. The unemployment rate has reached 3.9% — still a healthy level, but up from a half-century low last year of 3.4%. And much of the hiring in recent months has occurred in government, health care and private education, with many other industries barely adding any jobs.
Other major central banks are also keeping rates high to ensure that they have a firm handle on consumer price spikes. In Europe, pressure is building to lower borrowing costs as inflation drops and economic growth stalls. The European Central Bank’s leader hinted this month that a possible rate cut could come in June, while the Bank of England isn’t expected to open the door to any imminent cut when it meets Thursday.
___
AP Business Writer Alex Veiga contributed to this report from Los Angeles.
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Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
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fucking brandon tanking the economy again...https://apnews.com/article/jobs-hiring-unemployment-economy-inflation-federal-reserve-1e456b8df0e11b218ed50f1ead6f6797 US employers added a surprisingly robust 303,000 jobs in March in a sign of economic strengthUS employers added a surprisingly robust 303,000 jobs in March in a sign of economic strengthBy PAUL WISEMAN19 mins ago
WASHINGTON (AP) — America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.
Last month’s job growth was up from a revised 270,000 in February and was far above the 200,000 economists had forecast. By any measure, it amounted to a strong month of hiring, and it reflected the economy’s ability to withstand the pressure of high borrowing costs resulting from the Federal Reserve’s interest rate hikes. With the nation’s consumers continuing to spend, many employers have kept hiring to meet steady customer demand.
Friday’s report from the Labor Department also showed that the unemployment rate dipped to 3.8% from 3.9% in February. That rate has now come in below 4% for 26 straight months, the longest such streak since the 1960s.
The economy is sure to weigh on Americans’ minds as the November presidential vote nears and they assess President Joe Biden’s re-election bid. Many people still feel squeezed by the inflation surge that erupted in the spring of 2021. Eleven rate hikes by the Fed have helped send inflation tumbling from its peak over the past year and a half. But average prices are still about 18% higher than they were in February 2021 — a fact for which Biden might pay a political price.
The Fed’s policymakers are tracking the state of the economy, the job market and inflation to determine when to begin cutting interest rates from their multi-decade highs — a move eagerly awaited by Wall Street traders, businesses, homebuyers and people in need of cars, household appliances and other major purchases that are typically financed. Rate cuts by the Fed would likely lead, over time, to lower borrowing rates across the economy.
The central bank’s policymakers started raising rates two years ago to try to tame inflation, which by mid-2022 was running at a four-decade high. Those rate hikes — 11 of them from March 2022 through July 2023 — helped drastically slow inflation. Consumer prices were up 3.2% in February from a year earlier, far below a year-over-year peak of 9.1% in June 2022.
Yet the sharply higher borrowing costs for individuals and companies that resulted from the Fed’s rate hikes were widely expected to trigger a recession, with waves of layoffs and a painful rise in unemployment. Yet to the surprise of just about everyone, the economy has kept growing steadily and employers have kept hiring at a healthy pace. Layoffs remain low.
Some economists believe that a rise in productivity — the amount of output that workers produce per hour — made it easier for companies to hire, raise pay and post bigger profits without having to raise prices. In addition, an influx of immigrants into the job market is believed to have addressed labor shortages and slowed upward pressure on wage growth. This helped allow inflation to cool even as the economy kept growing.
In the meantime, the Fed has signaled that it expects to cut rates three times this year. But it is awaiting more inflation data to gain further confidence that annual price increases are heading toward its 2% target. Some economists have begun to question whether the Fed will need to cut rates anytime soon in light of the consistently durable U.S. economy.
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Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140
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