- US Federal Reserve eager to see evidence that interest-rate increases are cooling off a frenzied labor market, but not enough to tip the economy into a recession.
Friday's U.S job report revealed that for the month of September 2022, it has gained 263,000 jobs. While this is a drop from 315,000 in August 2022, the stubborn resiliency of positive job growth spells trouble for the global economies as Jerome Powell is targeting for more people to lose their jobs in order to combat wage induced inflationary pressure. Hence this seems to guarantee another 0.75 percentage jumbo size adjustment by the Feds for Nov'22 borrowing rates. The US S&P 500 immediately dropped 2.8% to 3,639.66 points overnight on Friday yesterday. For SGX, I would expect upcoming Monday to be another blood bath in the market upon commencement of trading and for it to relinquish the gains from the mini-rally over the last week.
