WATCH: “Using AI Legalese Decoder to Unravel Complex Legal Terminology, Expert Reveals Prolonged Impact on the US Housing Market”
- July 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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JACKIE: Welcome back, everyone. Today, we are looking ahead to the release of the June jobs report at 8:30 a.m. Eastern Time. The market seems relatively calm, with the Dow indicating a slight dip of 19 points. Economists are predicting an addition of 25,000 jobs to the economy, while the unemployment rate currently stands at 3.6%. Meanwhile, according to a report from The Wall Street Journal, the rate at which workers are voluntarily leaving their jobs is approaching pre-pandemic levels. Joining me now is David Towell, President of Capital, to discuss this further. It’s great to have you here, David. What are your expectations for today?
DAVID: I believe the expectations are in line with what I would anticipate. I wouldn’t be too far off from the estimate of 22,500 jobs being added. When it comes to the rise in quit rates, we need to consider a few factors. Firstly, we experienced an exceptional surge in signing bonuses during the pandemic, particularly for low-skilled and hourly positions. Many entry-level jobs, such as those in restaurants and gas stations, were offering attractive bonuses to attract employees. Now that these bonuses are no longer as prominent, some workers who had initially taken advantage of them are deciding to quit. Additionally, the option to work remotely, which was a luxury during the pandemic, is now being reduced as employers want their employees back in the office. This shift in remote work availability may be influencing some employees’ decisions to quit. Lastly, concerns about the pandemic have lessened considerably, particularly for healthcare workers. People are not as worried about their health as they were before.
JACKIE: It’s been three years since the pandemic began, so it makes sense for people to start returning to the office. However, this situation seems a bit disconnected and confusing. The job market has been a bright spot for the Biden administration, especially with the strong ADP report yesterday. We might see strong job numbers today. Investors are closely monitoring these developments, as well as the persistent issue of high inflation. They are eager to understand how the Federal Reserve plans to combat it. The market reacted negatively to the ADP number yesterday, as some believe that rate hikes are on the horizon.
DAVID: I do believe that rate hikes are on the horizon, and I have mentioned this to Maria several times. I think interest rates will continue to rise, possibly another hundred basis points from where they currently stand. And I believe they will remain at this higher level for several years. However, I don’t think the Federal Reserve will achieve its inflation target anytime soon. It will likely take a prolonged period of time to reach that goal. While this may have negative implications for sensitive industries like real estate, the overall market has been able to handle this situation well. Nevertheless, there may be a long-term fallout for certain sectors, including commercial real estate, and eventually, housing. Despite all the turmoil surrounding interest rates and the tapering of asset purchases, the housing market has remained remarkably strong. So, while some sectors may lag, I anticipate that technology and housing will continue to perform well.
JACKIE: If I understand correctly, it seems that the market has been resilient so far, despite pockets of weakness that may arise in the future. This resilience is reflected in the performance of the exchanges and the upward momentum we’ve seen in the first half of the year. The optimism ETF, which touched a 13-month high, indicates that investors believe the market will continue to rise. However, it currently sits a bit lower around the $30,000 mark. What are your thoughts on cryptocurrency?
DAVID: I believe we could see Bitcoin reach $50,000 by the end of the year, and this is not just a random prediction. The emergence of ETFs is important, not necessarily because of the flows they generate, but because they signify a significant shift in the acceptance and integration of cryptocurrencies into the traditional financial system. With major asset managers like BlackRock, Fidelity, and WisdomTree offering Bitcoin ETFs, and the increasing tokenization of assets, we are going to witness a transformative change in the use of cryptocurrencies to represent ownership of various assets. This trend will unfold over the next couple of years, and as it gains momentum, we can expect incredible growth and interest in investing in this asset class. Additionally, the correlation between Bitcoin and the Nasdaq has never been lower, which further reinforces the need for dedicated exposure to Bitcoin rather than relying solely on traditional market investments.
JACKIE: That’s an excellent point. We have been following the increasing acceptance and integration of cryptocurrencies, and it’s fascinating to see how this will shape the future. Thank you for sharing your insights, David.
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