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Weekly Jobless Claims Fall to Four Month Low, In Sign of 'Strong' Job Market

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J.D. DURKIN: George we did get weekly jobless claims today. That figure was 190,000, a bit lower than expectations. People are still seeking unemployment benefits, we know. But is it happening at the rate that Fed officials want to see happen?

GEORGE SEAY: Yeah, I feel like the job market is incredibly strong and it's why the Fed has been so aggressive, is the economy is stronger than I think Wall Street anticipates. The likelihood we get a really hard recession, I think is pretty low. And I think the general consensus on Wall Street is pretty high. And I disagree with that. I think that the Fed, could possibly engineer a soft landing. And one reason they're being so aggressive on rates is they look at the economy and the job market and say, wow, this continues to be strong and it can endure these accelerated, aggressive hikes that we've been doing for the last year and I think they're going to keep going on that until they get up well over 5%. So I think that's what the story looks like. And I think the one uncertainty that the market really hasn't figured out yet is does the Fed start cutting later in the year? I don't think they're going to do that and that's bad for the market. I think the Fed's going to hold their powder dry, but we'll see.

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