US eyes jobs report for signs of easing labor market, slowing economy | Robins Kaplan LLP

Friday jobs report. Here’s what we’re watching in the numbers, including speculation of some easing in the historically tight labor market – MarketWatch and Market and Bloomberg and NY Times and WSJ

OPEC+ members met this week and agreed “a larger-than-expected supply increase for July and August”, a move the White House “welcomed”. . . as a diplomatic breakthrough after months of lobbying Middle Eastern oil giants to increase production to ease price pressures. Yet even with the increase, Thursday’s announcement is “unlikely to bring gasoline prices down” – NY Times and WSJ and Bloomberg

Crypto company owned by Winklevii Gemini Trust Co. is the recipient of a new lawsuit filed by the CFTC accusing him of “misconduct[eading] regulators in an effort to get bitcoin futures approved in 2017. “The lawsuit” amounts to an attack on one of the crypto industry’s best-known brands, accusing the company to use undisclosed inducements to trade goose during a significant period of the day” – WSJ and Bloomberg and Law360

Throwing some “cold water” on recent speculation of a fall pause in upcoming interest rate hikes, Fed Vice Chairman Lael Brainard confirmed on Thursday and confirmed that the central bank is on the point of postponing rate hikes until fall as she remains focused on containing rising prices in America – NY Times and WSJ and Bloomberg

Also why, with that in mind, we shouldn’t be so quick to worry about a meh economy – NY Times

Either way, markets seemed to appreciate Brainard’s advice to stay the course. Traders found their footing after some early selling, with all three major US indices closing for Thursday’s session – WSJ and Bloomberg

The Department of Education is writing off $5.8 billion in loans owed by borrowers who attended the collapsed Corinthian College for-profit chain. The cancellation is automatic, “meaning that former Corinthian students will not have to ask for the cancellation of their debts” – NY Times and Law360

The European flash crash caused by Citi-trader-fat-finger last month is set to cost the bank some $50 million in losses, although the bank is “still accounting for the losses from the erroneous trade and the figure final could skyrocket” – Bloomberg

Ford this week announced plans to create more than 6,000 unionized manufacturing jobs and inject $3.7 billion into operations in Michigan, Ohio and Missouri, “as it seeks to develop vehicle production and prepare for upcoming labor negotiations” – WSJ and NY Times

Learn more about Sheryl Sandberg’s departure from Meta and her decade-plus lasting legacy on Facebook – NY Times and Bloomberg and Market

And what this means for the value of Meta in the short term – WSJ

Your definitive summer reading list, courtesy of Timefrom thrillers to travel and almost everything in between – NY Times

Stay safe and have a great weekend,

LOL

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