John C. Williams hit the Opus Westchester stage like a seasoned Afrobeats star, dropping economic beats that had everyone dancing to a tune of optimism and balance. No he didn’t actually dance, Fed Reserve Bank of NY presidents rarely do, but he did drop the indicators we need for 2024. Here is what he said:
1. Jobs Jamboree: The US added 2.9 million jobs in 2023, Williams kicked off like a chart-topping hit. The job market's rhythm was undeniably infectious, bringing everyone to their feet.
2. Unemployment Dip: The Fed's unemployment rate hit a smooth 3.7%, grooving like a mellow baseline in an Afrobeats chartbuster. It's the kind of drop that makes you want to sway in satisfaction.
3. Labor Market Harmony: The 2023 the U.S. economy danced back to a balanced labor market, syncing like a well-choreographed dance troupe. Each sector moved in harmony, creating a spectacle of economic stability.
4. Inflation's Triple-Step Beat: Williams broke down inflation in the Rule of three. Globally traded commodities' prices danced downwards. Core goods followed suit, almost freezing in place. And the core services? They're now stepping down to the beat.
5. Declining Inflation Tempo: The future indicators are like a deejay slowing the beat, with declining inflation and wage growth. It's a smooth transition, setting the stage for a more chilled economic vibe.
6. Balancing Supply-Demand Groove: Williams' policy is all about finding that sweet spot in the supply-demand dance, ensuring everyone gets a chance to groove without stepping on each other's toes.
7. GDP Growth's Slow Dance: GDP growth may be slowing to 1.25%, but it's like a slow dance that lets you appreciate every move. The future might be uncertain, but Williams will take a restrictive stance.
8. Confidence in Inflation's Decline: Ending on a high note, Williams is confident about bringing inflation back to a comfortable 2%. It's like the climax of an Afrobeats hit, leaving you energized and hopeful.
Williams' speech was not just an economic briefing; it was a rhythmic journey through the ups and downs of the economy, with each point hitting like a beat in an Afrobeats song. Realtors left the event not just with data and forecasts, but with a melody of economic optimism playing in their minds. If you are ready to jump into the market and dance... AskHollingsworth.