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Kenny starts by analyzing the ripple effects of the longshoremen’s unprecedented 61.5% pay hike.
What does this mean for the economy and inflation? He explains how the unresolved language around automation will shape future negotiations and highlights the potential inflationary consequences of this wage increase as part of the classic wage-price spiral theory. Kenny discusses the growing geopolitical uncertainty as Israel ponders its next steps in response to the latest Iranian aggression.
Kenny also dissects President Joe's comments on supporting Israeli actions, as well as the delicate balance the administration faces in this complex scenario. Today, all eyes are on the non-farm payroll report. Kenny breaks down the numbers, expectations, and implications for the Fed’s next moves. A strong job report could take rate cuts off the table, while a weaker figure may lead to more aggressive easing.
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