Pity the poor Fed. They are, once again, thrust into the limelight as a slowing economy (and falling market) calls for a rate cut while the jobs report out this morning … touting the lowest unemployment rate in the last 50 years … would normally result in, at least, a pause. On top of that, the administration continues to insist on an actual rate drop by the Fed … while at the same time claiming we are having the best economy ever – two worlds which typically should not co-exist.
And what is the market view? Daily Shot tells us … while reviewing the most recent Bloomberg OIS Model … that “the market has now priced in a nearly 90% probability that the Fed will cut rates again in October.”
What was also interesting in this morning’s jobs number is that there were fewer jobs created than expected. So the slew of data we have seen of late – most of which appear to show we are inching our way toward recession – seems to support the view that the Fed will likely cut rates at their next meeting.
I’m kind of shell-shocked at the moment … as I am heading to Manhattan tonight with my son to see a play … and staying overnight. I’ve taken a train for every trip there in the last couple of years but am bravely driving in (as I am picking up some kids to take back this way after attending “Comic Con” tomorrow). What got me was I just checked out parking … and it is $70/night! What? Are they kidding?
And probably the most interesting story of the day has to do with the solid gold toilet that was stolen from Blenheim Palace, the birthplace of Winston Churchill.
Yes … solid gold … a toilet … go figure.
The owners are quite upset, have no clues, and are offering a reward for the toilet’s return … for, as of now …
… they have nothing to go on.
Have a great day,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
… as of 11:29 AM today …
Quick Look at the News
The unemployment rate is the lowest it has been in 50 years. But if we are successful in bringing more jobs to the U.S. ... where will they find the workers? This question has been glossed over (CNBC)https://www.cnbc.com/2019/10/04/jobs-report---september-2019.html
... and if you think robots will come to the rescue ... not only will this take some time, but some areas where robots will work ... won't use them. Why? Politics (BBC)http://www.bbc.com/future/story/20191003-the-three-things-that-could-kill-the-pilotless-airliner
Want to get people to watch your tv show? Put binge-eating as the main topic ... for, like the people portrayed on the videos, viewers can't get enough (AP)https://apnews.com/0261673235a040b49a136cdc412299d8
... but is it right to characterize eating as a sport? We have a problem with overeating ... and this is leading to problems among our youth (CNN)https://www.cnn.com/2019/10/03/health/childhood-obesity-intl-scli/index.html
One of the misconceptions about being "green" is that it costs more money. Guess what? Penn State proved them wrong (NPR)https://www.npr.org/2019/10/04/764637564/how-penn-state-is-cutting-greenhouse-emissions-in-half-and-saving-money
... and if you ever find yourself in a position of power at a company, one job responsibility is to fire someone if necessary ... and it isn't easy (Inc)https://www.inc.com/david-brown/the-worst-part-of-being-a-ceo-is-having-to-fire-an-employee-heres-how-to-do-it-respectably.html