I wouldn’t want to be new Fed Chair Warsh right now:
• Economy losing jobs: -92K vs +55K est.
• Unemployment rising: 4.4%
• But wages still hot: +0.4% MoM vs +0.3% est.
Can’t cut because inflation is sticky but can’t hike since labor market is cracking.
Stagflation print.
Which of these reasons was why you voted for Trump?
🔸Gas prices! - are higher than when Trump took office
🔸Drill, Drill, Drill! - There were zero bids for drill leasing in the Arctic National Wildlife Refuge and Cook Inlet. Fewer rigs are operating than before Trump took office.
🔸Crypto President! - Bitcoin has lost 34% of its value since Trump took office.
🔸Tariffs will create jobs! - Manufacturing has lost 115,000 jobs since Trump took office. There have been over 1.3 million layoffs, and the overall unemployment rate has increased.
🔸Tariffs will make us rich! - Tariffs cost the average US household $1,000 last year. We pay them, not other countries.
🔸DOGE will make us rich! - DOGE hardly cut anything and cost us more than it saved.
🔸No More Wars! - Trump started a war with Iran after invading and deposing Venezuela’s leader.
🔸A Better Economy! - Job creation dropped from over 120,000 each month to 15,000 per month. GDP growth slowed from 2.8% to 2.2%. PCE, the Fed's preferred inflation metric, increased in 2025.
🔸Fix the National Debt! - It increased by $2.2 trillion last year
Everything is getting worse.