State Employment Data Reveals Key National Trends
This week, we dive into state-level unemployment statistics and discover not just insight into the NAIRU but also the return of migration between states. Population movement makes things more complicated than they seem on the surface. For example, one of the states tied for lowest unemployment rate has been losing jobs for years. Also, it was a busy week for the Fed. We recap Chair Powell’s Humphrey-Hawkins testimony, an interesting proposal by Supervisory Vice Chair Randy Quarles, and the Senate Banking Committee’s grilling of two candidates to the Fed Board of Governors. If you have not seen the Quarles proposal yet, it offers an interesting fix for the repo problem that might allow the Fed to shrink its balance sheet and avoid permanent repos.Plus "The Week Ahead," a preview of next week’s potentially market-moving events.