I'm no economist, so I will not speak with authority on the subject, but, to me, it seems incredible to even consider cutting rates at this point. Let the rates stay right where they are and even consider raising them. Interest rates are disciplinary for the economy and encourages competition and innovation. Low rates do not. They make you (both corporations and private individuals) fat, lazy and channels free money where it shouldn't go, i.e., projects and companies that shouldn't exist. Historically, 5 % is not a high rate at all and an economy that needs 0 % interest rates is not a robust economy. Low rates should be reserved for crises (financial crisis, pandemics, etc.) and be a temporary solution, not a permanent one like ZIRP over the last decade. Reducing the rates will only make matters worse and is just another kicking the can down the road. We see the same thing here in Norway. The entire construction industry is in deep trouble with massive layoffs and projects on hold with a policy rate of 4.5 %. We also see homeowners struggling to service their housing debt at these levels. You f''cking serious? In my view, people got fat, lazy and complacent over this last decade of zero rates and adopted a lot of luxury habits that were not a part of daily life in the past and are now bitching and complaining because they struggle to keep up that standard of living. Like I said, I'm not an economist, but this is my view on the subject. I may be wrong, but I think I'm not?
It just comes down to the fact that no one wants to take loses anymore. Here in the US they perversely cheer higher real estate prices but all it does is create more unaffordability & homelessness. Its a clown's world here in the US. Its even worse in Canada & Australia.
My point isn't about lowering or not lowering rates. It's more about TIMING. If companies lay off workers en masse, which I believe will happen soon, the Fed will have no choice but to cut rates. The thing is, they're always late to the game and resort to draconian measures, like opting for 0.75%. To me that's just stupid, if not amateurish. Why not start cutting sooner, and on a more even keel, with 0.25% instead?
The reason is the Ghost of Arthur Burns looms over Powell's head. If he starts cutting and inflation comes back he will be excoriated in front of Congress.
Companies that announced Major Layoffs and Hiring Freezes Feb. 8th, 2024 intellizence.com Intellizence offers the latest Layoffs, Downsizing, Job Cuts, and Hiring Freeze data for market intelligence, customer intelligence, sales intelligence, and risk intelligence activities. We monitor public sources like news and WARN filings for the latest layoff and hiring freeze announcements. We aggregate, de-duplicate, normalize, and deliver the curated layoff data through API and Web dashboard. Since January 1st, 2023, 5487+ companies have announced mass layoffs. Since January 1st, 2024, 776+ companies have announced mass layoffs.[Last update: Jan 31, 2024]. Layoff Tracker 2024 – Recent Layoffs of The Week February 8, 2024 – Getaround to Restructure, Lay Off 30% of North American Staff. February 7, 2024 – JPL plans to lay off hundreds of employees due to lack of funding – NBC Los Angeles February 6, 2024 – Snap lays off 10% of its workforce, cutting approximately 500 jobs. February 5, 2024 – Societe Generale SA plans to cut about 900 jobs at its French head office. February 3, 2024 – Zoom lays off 150 employees, and Okta slashes 400 jobs. February 2, 2024 – Riot Games, the company behind the popular MOBA League of Legends, laid off over 500 employees. February 1, 2024 – Deutsche Bank to lay off 3,500 jobs and reward shareholders. Major Layoffs and Hiring Freezes Since November 2023 UPS No. of Employees to be Laid off: 12,000 Industry: Logistics & Supply Chain February 2024 UPS will cut 12,000 jobs as part of a bid to save $1 billion in costs. Managers and contractor positions will make up most of the layoffs. Deutsche Bank No. of Employees to be Laid off: 3500 Industry: Banking & Financial Services February 2024 Deutsche Bank would cut 3,500 jobs, buy back shares and pay dividends, after posting a 30% drop in fourth-quarter profit. The bank had already announced plans to trim headcount and the jobs affected will be back office roles. American Airlines No. of Employees to be Laid off: 656 Industry: Aviation February 2024 American Airlines to lay off 656 workers as it consolidates. Customer support workers in Phoenix and Dallas-Fort Worth will lose their jobs as the airlines aims to streamline response. Okta No. of Employees to be Laid off: 400 Industry: Technology February 2024 Okta has eliminated 400 full-time jobs as part of a “restructuring plan,” representing 7 percent of its staff. The new round of layoffs comes a year after Okta disclosed it was cutting 300 employees, which had represented 5 percent of the identity security vendor’s global workforce at the time. Microsoft No. of Employees to be Laid off: 1900 Industry: Technology January 2024 Microsoft will lay off around 1,900 employees in its gaming unit, or around 9% of its workforce. Microsoft Gaming CEO Phil Spencer said the layoffs were part of a larger “execution plan” to reduce overlap areas. Lloyds Banking Group No. of Employees to be Laid off: 1600 Industry: Banking January 2024 Lloyds Banking Group plans to lay off around 600 employees across its branches to push its online banking services. However, the British lender will also add around 830 jobs to its relationship-growth team to improve customer service through phone and video calls. Valeo No. of Employees to be Laid off: 1150 Industry: Automobile January 2024 French automotive supplier Valeo will cut 1,150 jobs worldwide as it merges units manufacturing parts for hybrid and electric vehicles. eBay No. of Employees to be Laid off: 1000 Industry: E-Commerce January 2024 EBay plans to lay off 9% of the company’s workforce, which is equal to about 1,000 full-time jobs, as the tech industry continues to downsize to start in 2024. Corning Inc. No. of Employees to be Laid off: 1000 Industry: Manufacturing January 2024 Corning Incorporated, a leading materials science company, has laid off around 2% of its global workforce, which affects around 1,000 employees. Salesforce No. of Employees to be Laid off: 700 Industry: Technology January 2024 Salesforce is laying off about 700 employees, or roughly 1% of its global workforce. The job cuts follow a wave of U.S. tech layoffs after the industry hired heavily during the pandemic, Tata Steel No. of Employees to be Laid off: 2800 Industry: Manufacturing January 2024 Indian firm Tata Steel announced Friday it will close both blast furnaces at its plant in Port Talbot, Wales, eliminating 2,800 jobs, as part of plans to make its unprofitable U.K. operation leaner and greener. Macy’s No. of Employees to be Laid off: 2000 Industry: Retail January 2024 Department store chain Macy’s plans to lay off about 13% of its corporate staff and close five stores to trim costs and redirect spending to improve the customer experience. Macy’s has rejected a $5.8 billion offer to take the iconic department store private as it prepares to slash costs amid ongoing struggles. Wayfair No. of Employees to be Laid off: 1650 Industry: Retail January 2024 Online home goods retailer Wayfair is laying off approximately 1,650 employees, representing about 13% of its global workforce. The move is expected to save the company more than $280 million annually. Bosch No. of Employees to be Laid off: 1200 Industry: Consumer Goods January 2024 Automotive supplier Bosch wants to cut 1,200 jobs in its software development division by the end of 2026. Talks with employee representatives had yet to start, referring to the proposed job cuts as planned but not yet finalized. Citi Group No. of Employees to be Laid off: 20,000 Industry: Banking January 2024 Citigroup, the parent company of Citibank, plans to cut 20,000 jobs over the next two years. The layoffs are part of restructuring plans instituted by Chief Executive Officer (CEO) Jane Fraser to simplify the bank’s operations. Google No. of Employees to be Laid off: 1000 Industry: Technology January 2024 Google has cut around 1000 jobs in many of its divisions, including its core engineering and hardware divisions. The Verge reports that job cuts are hovering around a thousand within teams focusing on Pixel phones, Nest smart thermostats, Fitbit watches, and Google Assistant. Unity Software No. of Employees to be Laid off: 1800 Industry: Technology January 2024 Unity Software would lay off about 1,800 employees, or 25% of its overall workforce. The gaming technology company said in a regulatory filing that the cuts are part of a corporate restructuring plan. GDI Integrated Facilities Services No. of Employees to be Laid off: 1867 Industry: Consumer Services January 2024 GDI Integrated Facilities Services, a Montreal janitorial and cleaning services company, is cutting 1,867 employees in the United States, including 438 across Florida, after its contract to work at some Amazon warehouses was canceled. Twitch No. of Employees to be Laid off: 500 Industry: Media January 2024 Amazon’s live streaming platform, Twitch, would cut 500 employees or 35% of its workforce. “As you all know, we have worked hard over the last year to run our business as sustainably as possible,” wrote Twitch CEO Dan Clancy in a blog post. “Unfortunately, we still have work to do to rightsize our company, and I regret having to share that we are taking the painful step of reducing our headcount by just over 500 people across Twitch.” Telefonica No. of Employees to be Laid off: 3421 Industry: Telecommunication January 2024 Spanish telecoms group Telefonica, in a deal with unions, plans to lay off up to 3,421 employees in Spain. The plan will cost around 1.3 billion euros before taxes as it seeks to reduce costs. Enphase Energy No. of Employees to be Laid off: 340 Industry: Energy & Utilities January 2024 Solar company Enphase Energy will lay off 10% of its workforce. Enphase produces inverters that convert the energy the panels collect into usable household power. Johnsonville No. of Employees to be Laid off: 400 Industry: Consumer Products January 2024 Johnsonville, LLC will close one of its plants by the end of the year as the result of a local acquisition, impacting nearly 400 workers. Xerox No. of Employees to be Laid off: 15% of Workforce Industry: IT Services & Outsourcing January 2024 Xerox, the IT corporation behind ubiquitous office equipment like scanners and printers, is laying off 15% of its workforce as part of a so-called “reinvention” strategy. The cut would affect some 3,000 positions. Bolt.Earth No. of Employees to be Laid off: 20% of Workforce Industry: Automobile December 2023 Bengaluru-based electric vehicle (EV) charging infrastructure and OS provider Bolt.Earth has laid off around 15-20% of its workforce in a restructuring exercise. Google No. of Employees to be Laid off: 30,000 Industry: Technology December 2023 After cutting 12,000 jobs this year, Google reportedly plans to lay off around 30,000 employees. According to a recent report from The Information, Google is considering a substantial workforce reduction as part of a strategic move to integrate AI into various aspects of its business processes. The proposed restructuring will impact Google’s ad sales department. Telefonica No. of Employees to be Laid off: 3,400 Industry: Telecommunication December 2023 Spanish telecoms group Telefonica will lay off more than 3,400 people by 2025 to reduce costs and adapt the company’s size to the current market. The layoffs will mostly occur in late February 2024. Paytm No. of Employees to be Laid off: 1000 Industry: Technology December 2023 Paytm laid off over 1,000 employees across units, impacting at least 10% of its workforce. The move comes as the publicly listed financial services firm aims to reduce costs and realign its various businesses. PT Waskita Karya No. of Employees to be Laid off: 500 Industry: Construction December 2023 Indonesia’s state-owned construction company PT Waskita Karya has announced it is laying off 500 employees to improve its financial efficiency amid a push to resolve its debt burden. Agilent Technologies No. of Employees to be Laid off: 400 Industry: Technology December 2023 Agilent Technologies, a maker of laboratory instruments, plans to lay off about 400 employees, or 2% of its global workforce, to reduce costs that include some site closures. ShareChat No. of Employees to be Laid off: 200 Industry: Technology December 2023 Bengaluru-based social-media platform ShareChat reportedly terminated 200 employees on Wednesday following an official statement citing “strategic restructuring” and the need to “streamline the company’s cost base.” Hasbro No. of Employees to be Laid off: 1100 Industry: Retail December 2023 Hasbro, a leading player in the toy industry, is undergoing reorganization. CEO Chris Cocks has informed employees via email that the company will be implementing a global workforce reduction of 1,100 employees as part of Hasbro’s strategic overhaul. State Street Corp. No. of Employees to be Laid off: 1500 Industry: Financial Services December 2023 State Street has laid off 1,500 employees. The move is being made to “position ourselves for long-term success and take difficult but necessary steps to streamline our organization further.” General Motors No. of Employees to be Laid off: 1300 Industry: Automobile December 2023 According to WARN notices the company has filed with state regulators, General Motors will lay off about 1,300 workers from two of its Michigan plants, Orion Assembly and Lansing Grand River Assembly. The job cuts that will take place in the new year, come after the automaker said in October that it would be delaying electric pickup truck production into 2025. Alitalia No. of Employees to be Laid off: 3000 Industry: Aviation December 2023 Alitalia’s administrator has asked Italy’s government to raise to nearly 7,000 employees under a temporary lay-off scheme, with most of its aircraft standing idle during the coronavirus outbreak. There is a request for 2,900 more workers to join the scheme in a letter sent by the state-appointed administrator to unions and government ministries and seen by Reuters. Spotify No. of Employees to be Laid off: 1500 Industry: Media & Entertainment December 2023 Spotify is cutting 17% of its global workforce, amounting to around 1,500 employees, as it tries to reduce costs while focusing on profitability. This follows layoffs of 600 people in January and an additional 200 in June. Guangzhou Automobile Group Honda No. of Employees to be Laid off: 900 Industry: Automobile December 2023 Guangzhou Automobile Group (GAC) Honda Automobiles will let go seven percent of its 13,000-strong workforce. That means Honda’s joint venture in China will terminate the contracts of at least 900 workers, as it is now shifting focus towards electric vehicles. CBC/ Radio Canada No. of Employees to be Laid off: 600 Industry: Media & Entertainment December 2023 The Canadian Broadcasting Corporation/Radio-Canada plans to cut about 10 percent of its workforce and axe some programming to cope with a potential $125 million budget shortfall. The public broadcaster said it plans to cut 600 union and non-union positions across the organization. Capita No. of Employees to be Laid off: 900 Industry: IT Services & Outsourcing November 2023 Capita, which runs services for local councils, the military, and the NHS and manages the BBC TV license fee, plans to cut 900 jobs to save costs. The outsourcing group said the cuts would affect mainly support function employees rather than customer-facing staff. Nien Hsing Textile Co. No. of Employees to be Laid off: 700 Industry: Textiles November 2023 Due to falling orders, Nien Hsing Textile Co., one of Taiwan’s leading denim fabric and jeans makers, would close its factory in Miaoli County’s Houlong Township. The closure would impact over 700 workers. Surefox North America No. of Employees to be Laid off: 386 Industry: Security November 2023 According to WARN documents, Surefox North America, a security company serving multiple Google offices, will let go of around 386 workers in December. Surefox markets itself as “physical risk management solutions for individuals and businesses. Stellantis No. of Employees to be Laid off: 6400 (buyout) Industry: Automobile November 2023 Chrysler parent Stellantis has offered buyouts to roughly 6,400 of its 12,700 employees. This will help to reduce headcount and cut costs of the automaker’s North American operations. HannesBrands No. of Employees to be Laid off: 1592 Industry: Retail November 2023 U.S. apparel company HanesBrands will close one of its plants in El Salvador, laying off around 1592 employees. Alstom No. of Employees to be Laid off: 1500 Industry: Manufacturing November 2023 France-based Alstom, which manufactures high-speed trains, plans to lay off 10% of its employees, or about 1,500 workers. The firm also might sell more of its shares to raise money to bolster its balance sheet by 1 billion euros. Embracer Group No. of Employees to be Laid off: 900 Industry: Technology November 2023 Embracer Group, the Swedish video game and media holding corporation responsible for a wide range of intellectual properties and game studios, has laid off 900 employees over the past three months. Maersk No. of Employees to be Laid off: 10,000 Industry: Shipping & Ports November 2023 Shipping and logistics giant Maersk would cut more than 10,000 jobs as a pandemic-fueled cargo boom ended, leaving the industry with a surplus of ships and sharply lower freight rates. Maersk saw its third-quarter profit plummet to $521 million from $8.88 billion last year. Block No. of Employees to be Laid off: 1000 Industry: Technology November 2023 Block, a tech firm specializing in financial services, will eliminate nearly 1,000 jobs in its upcoming layoffs. Twitter’s Jack Dorsey, the company’s founder, indicated this intention in a recent third-quarter shareholder letter, aiming to keep the employee count below 12,000. Pico Interactive No. of Employees to be Laid off: 2000 Industry: Technology November 2023 Pico is laying off around 2000 employees as it works to “restructure” its business. Viasat No. of Employees to be Laid off: 800 Industry: Telecommunication November 2023 Viasat is laying off 800 employees, about 10% of its workforce, as it is integrating the Inmarsat business post-acquisition. The layoffs will be spread across the business regarding geographies and divisions. Charles Schwab No. of Employees to be Laid off: 2000 Industry: Financial Services November 2023 Charles Schwab has laid off about 5% to 6% of its employees, amounting to roughly 2,000 people, as it looks to cut costs. A Schwab spokesperson said these “were hard but necessary steps to ensure Schwab remains highly competitive, with industry-leading levels of efficiency, well into the future.” TVA Group No. of Employees to be Laid off: 500 Industry: Media & Entertainment November 2023 TVA Group would eliminate 547 positions, including 300 in-house production positions, 98 operations positions, and 149 positions in other departments, after suffering from “shrinking audiences, declining subscriptions, and falling advertising revenues. Splunk No. of Employees to be Laid off: 560 Industry: Technology November 2023 Splunk layoffs will impact around 500 of the company’s employees ahead of its acquisition by Cisco. Most of the cuts will take place in California. CEO Gary Steele said the Splunk layoffs in a U.S. Securities and Exchange Commission (SEC) filing and letter to employees. Pfizer No. of Employees to be Laid off: 800 Industry: Biotechnology
Whadda mean? Those lagging indicators at the Fed need to get their heads out of their ass and see what's happening on the ground.
Both Schizo and Darc can fuck off tonight. I've had it with Powell and psycho-trading. Bah. Love you guys, but... Fuck off.