Last week we saw a notable increase in the number of individuals applying for unemployment benefits. This caused markets watchers to wonder if we’re at the point where the labor market might be starting to meaningfully weaken in the wake of the Federal Reserve’s rate hikes. That brings us to the major event this week: The FOMC meeting taking place Tuesday through Wednesday. The market is currently pricing that the Fed will not hike rates, but it’s a tough call for the central bank with inflation remaining too elevated. However, signs of a softening labor market may help bolster the case for keeping interest rate increases on hold.
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