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On April 3, Carson Groups chief macro strategist, Sonu Varghese, stated that the latest labor force data indicates that the economy is adding enough jobs to keep pace with population growth. However, he pointed out, "This will complicate matters for the Federal Reserve, making it pointless to consider rate cuts, especially given the scale of the impending inflationary shock." He added that inflation was already present before the Middle East crisis that caused energy prices to soar, "ultimately, last years rate cuts appear to have been a mistake."April 3rd - According to foreign media reports, strong US labor market data reduced market bets on a Federal Reserve rate cut this year, causing US Treasury prices to fall and yields to rise by 3 to 5 basis points, with the policy-sensitive two-year Treasury yield leading the gains. The market had previously expected the Fed to ease monetary policy by only about 1 basis point this year, compared to about 4 basis points before the report was released. David Robin, interest rate strategist at TJM Institutional Services LLC, said the Fed is "very likely to keep rates unchanged until the end of June, or even longer." He added, "This is pre-conflict data, but even so, it shows a higher baseline (for rate cuts)."Iranian media quoted the deputy political governor of Ilam province as saying that claims of US troops entering or being deployed in Ilam province by helicopter are untrue, and that the security situation in Ilam province is currently completely stable; we urge the public not to pay attention to rumors and to obtain information through official channels.April 3 - The U.S. added 178,000 jobs in March, exceeding the Wall Street Journals historical forecast range for the indicator. The unemployment rate was 4.3%, within the historical forecast range. The jobs report is closely watched as investors and economists attempt to deduce any future interest rate decisions by the Federal Reserve and assess the cooling labor market. Regarding the March jobs report, the Wall Street Journals forecasts have ranged from -38,500 to +73,000 over the past decade. Fridays figure of 178,000 was higher than the 59,000 economists surveyed by the newspaper. The slight decline in the unemployment rate is within the historical range of -0.2 to +0.1 percentage points.According to AXIOS: Iranian media and a source said that Iran shot down a U.S. fighter jet and a search and rescue operation is underway to find the two crew members.

Erdogan Rival's Lights Are Turned Off After He Refuses to Pay Increasing Electricity Costs

Charlie Brooks

Apr 22, 2022 09:38

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"This is not an incitement to civil disobedience; this is a call to resist. This is a battle for your civil rights. My battle is to be a voice for the families and children who have been abandoned, "Kemal Kilicdaroglu, Chairman of the Republican People's Party, stated as he sat alongside his wife in their Ankara home lit by a gas lamp.


"My wife and I will be in the dark for a week... I shall sit in the darkness in order to feel my people's anguish "Additionally, he said.


In March, annual inflation increased to 61%. Numerous commentators attribute the economic instability to President Tayyip Erdogan's last-minute interest rate cuts.


Kilicdaroglu said in February that he would cease paying his power bills and urged the government to reverse the price increases.


He noted earlier on Thursday that power rates, which increased by between 50% and 125% at the start of 2022, have increased by more than 400% in three years.


Kilicdaroglu stated that over 4 million Turkish users lost electricity in 2021, without providing a source for the statistic.


Erdogan's popularity has suffered as a result of the inflationary increase in the run-up to the June 2023 national elections, in which Kilicdaroglu is seen as a possible presidential candidate.


Years of double-digit inflation, along with the latest spike, have eaten away at family savings and wages. Shopkeepers, local councils, and a religious community organization have all expressed concern over growing energy costs.


Last year, the lira fell 44 percent versus the dollar, owing mostly to monetary easing that started in September amid growing inflation. Through Turkey's strong reliance on imports, the devaluation fueled inflation.


The easing cycle was part of Erdogan's new economic policy, which seeks to stimulate exports, lending, and investment while also reducing inflation, according to the government.