00:00I want to ask you about the challenger job cut number that we just got. It was out early and unexpectedly a 17 month low for those job cuts. Now again, this is private data. We're going to wait for Friday. But what do you make of the labor market at its strength right now?
00:14Yeah, the challenger data is not always a great month to month indicator of what the official data is going to be. I actually think we're going to get a pretty decent job sprint on Friday. I got job gains at about 85,000. But we are still getting indications that there is cooling in the market. And I think that's probably going to continue in Q1.
00:38I think the Fed is going to be a bit in a bit of a bind because I have unemployment rising in Q1. But inflation is staying pretty sticky. I think the Fed is concerned that unemployment is going to continue to go up and breach five.
00:53And I think the Fed is structurally dovish. So I think what we saw from job openings data yesterday is that demand for workers is still pretty soft. And I think as long as we get softness in the market and inflation doesn't spike,
01:06I think the Fed is going to bite the bullet and continue cutting despite some of the very genuine protests from the Hawks and their concerns about inflation.
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