Episode 395: Studio 54

* https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCSSTUS1&f=W* https://www.census.gov/foreign-trade/Press-Release/current_press_release/ft900.pdf* https://www.zerohedge.com/geopolitical/ukrainian-drones-launched-750-miles-deep-central-russia-kill-13* https://www.zerohedge.com/geopolitical/give-them-inch* Following Friday’s employment report, the case for a Fed hike is weakening, but it is certainly not yet done for. The headline payrolls number disappointed, with a -23,000 jobs print and a 37,000 downward revision to the June estimate. In contrast, unemployment declined from 4.2% to 4.1%, but the underlying data indicate that this was due to a big fall in labour supply that outpaced the decline in household employment. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit jasonpowers.substack.com/subscribe