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Now what?
June #payrolls #jobs data stumbled badly. Worse, previous months were revised a lot lower erasing prior acceleration. The #unemployment rate went lower, though that was the lone bright spot (which you shouldn't consider as one). US #recession is more than fully on track which raises alarms given how recessions usually work in labor markets.
Eurodollar University's Money & Macro Analysis
Remarks by Governor Ben S. Bernanke At the Meetings of the American Economic Association, San Diego, California January 4, 2004
https://www.federalreserve.gov/boarddocs/speeches/2004/20040104/default.htm…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.