..something ain't right. The tragedy could be the Fed relying on the incorrect set of employment data and keeping rates higher for longer than they ought to.
The US labor market looks completely schizophrenic. While the Establishment survey by BLS reports 272k new jobs for May, the Household survey shows a large drop in the number of employed, down 408k jobs. This is why the US unemployment rate has risen from 3.9 to 4% despite a lower labor participation rate.
