Non Farm Payrolls, QE No Longer Works

Unemployment drops slightly but payrolls are disappointing. Participation rate remains at historical low yet equity markets raise in expectation of more money priniting. It is now clear the Fed action only helps banks, certainly not workers. Two thirds of jobs created are very low paid or temporary jobs, a tendency that is exacerbated by further printing of money, that goes to banks to speculate on financial markets.

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Powell conferma aumento dei tassi per dicembre, nuovo capitolo della soap-opera su Brexit e dati di inflazione in area euro (oggi) creano le condizioni per uno scenario opposto a quello dell'anno che si sta per concludere
At least temporarily
Indonesia, Turkey and South Korea now looking attractive, yen to weaken again
Monetary policies elsewhere are far too loose to compete
Rates on 10 y Treasuries up 25 b.p. in a few sessions