The Three Levers (impacting inflation)

Interest Rates

Money Supply

Employment -

U.S. JOB CUTS SURGE 245% IN FEBRUARY TO 172K, HIGHEST SINCE JULY 2020 Challenger reports 172,017 job cuts in February, up 103% YoY and 245% from January—marking the highest monthly total since the early pandemic.

• Government layoffs led, with 62,242 cuts from 17 agencies, fueled by DOGE actions.

• Retail cuts soared 572% YoY to 38,956 as bankruptcies and store closures rise.

• Tech layoffs hit 22,042 YTD, though down 22% YoY.