Attention spans are so short. Concerns and hot news topics of just a few weeks ago are so in the past. Gotta move on. Gotta keep up. What’s hot now? What concerns are we into now? It’s a super fast world.
Still following the tariff game? All that was pushed to the back burner last week. All fixed with the EU deal, right? Well, not totally, since Canada, Mexico, and China are still running rogue. Brazil gets 50% “revenge” tariffs, and the only casualties are coffee drinkers. Nothing left to see here. Move on.
What about interest rates? Better yet, what about Fed Chairman Powell? Well, the interest rate rumor mill got quieted last week with no change (surprised?). Let’s be clear: the Fed Chair doesn’t like (hates?) President Trump. Trump wants Powell out. Like, NOW. So, currently, interest rate discussions are back burner till September (next Fed meeting). Again, move on.
However, the J. Powell issue isn’t over yet. Trying hard to not take sides (DWN is non-political) and looking at the overall picture. One can make the case that perhaps J. Powell is not exactly on top of things, if you get my drift. Having “misdiagnosed” the worst inflation in over 40 years (transitory? really?), and then realizing the Fed was a major contributor to inflation, might be making Powell a bit leery to make another major decision. Said better: the Fed Chair is scared to f*** up again. Maybe a resignation? Let’s keep up.
A hot new discussion has popped up. Last week, the BLS (Bureau of Labor Statistics) announced its monthly employment numbers. It showed that the economy added only 73K jobs in June. However, after revisions, the two previous months that showed strong job growth were revised DOWN by 258,000. Oh boy. Did that set off a firestorm. Shouts of “rigged,” “incompetent,” and worse rang out. But the biggest shout was “YOU’RE FIRED!”—rang out from President Trump. Bye bye, Erika McEntarfer (ex-BLS commissioner).
Maybe letting Ms. (she/her) Erika McEntarfer go was a move that needed to be made. Not for reporting bad news but for the magnitude of the revisions. Thinking back, McEntarfer was appointed by then-President Biden in late 2023 and Senate confirmed in Jan. 2024. All through 2024 there was a streak of month after month of strong employment numbers BUT revised lower (quietly) every month. Pumped up employment numbers? Big quiet revisions (like 8 out of ten months… statistically improbable)? This has continued under Trump’s administration.
So, before we move on, let’s keep up. Either the employment numbers are manipulated, OR the data/system is flawed. One or the other. When revisions are running 25%–50% downward, something is amiss. Maybe the former BLS commissioner wasn’t as competent as portrayed. Turn it over to AI? Moving on.
Gotta keep up with this. Friday (8/8) is showdown day with Russia and the war in Ukraine. Trump has given Putin till then to have a ceasefire (or peace accord) OR… OR? That’s a big question. Heavy sanctions on anyone who buys Russian oil (India, China) OR? Putin has “sabre rattled with nuclear threats,” and Trump has repositioned a couple nuclear subs somewhere closer to Russia. Keep up with this. The “OR” is a big “OR.”
Sydney Sweeny. Moving on, but keeping up. Enough said.
Remember, what’s “front burner” this week will change by next week. Or just revisited from previous weeks.
Bill Taylor is the CEO and Chief Market Strategist at Digital Wealth News, offering expert insights on markets and asset classes. A proud Horned Frog and Texas Christian University grad, he played college basketball while there. With a strong finance background and passion for digital innovation, Bill shares thought leadership on market trends and portfolio strategy for our audience.
