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Jerome Powell speaks during a House Financial Services Committee hearing in Washington, D.C., in September. Photo: Al Drago/Bloomberg via Getty Images

Jerome Powell takes the stage again Wednesday afternoon for the Federal Open Market Committee’s press conference.

The big picture: There will be details of the upcoming taper, of course (boring!) — but we all want to hear more about the Fed’s evolving views on rate liftoff.

  • Over the last month or two as inflation trends have gotten a little stickier, markets like short-term Treasuries and fed funds futures have begun pricing in a rate hike next year.

Powell may (or may not) wish he had an inkling of Friday’s employment numbers when he addresses the nation — as those figures will show whether the persistent labor gridlock is starting to loosen.

By the numbers: Consensus estimates are for 437,500 new jobs created in October, according to FactSet, up from 194,000 the month before.

  • The last jobs report, for September, showed that labor force participation ticked down — at a time when only half the pandemic-induced reduction to the labor force has been recouped.
  • I’ll be zeroing in on the participation rate for women, which has cratered compared to men, likely due to care-taking responsibilities.

Go deeper: Biden talks supply chain issues with world leaders on last day of G20

Go deeper

Nov 23, 2021 - Podcasts

How COVID testing should factor into your Thanksgiving

With Thanksgiving around the corner, COVID cases in the U.S. are rising in most states and across the country. That has us asking what role testing is going to play in keeping ourselves and our families safe for the holidays.

  • Plus, Jerome Powell is nominated for a second term to lead the Fed.
  • And, why some cities are giving Universal Basic Mobility a try.

Guests: Dr. Leana Wen, emergency physician, former Baltimore health commissioner, and professor of health policy and management at George Washington University; and Axios' Courtenay Brown and Bryan Walsh.

Credits: Axios Today is produced in partnership with Pushkin Industries. The team includes Niala Boodhoo, Sara Kehaulani Goo, Julia Redpath, Alexandra Botti, Nuria Marquez Martinez, Alex Sugiura, Sabeena Singhani, Lydia McMullen-Laird, David Toledo and Jayk Cherry. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can text questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893.

Go deeper:

Job numbers are up and unemployment is down in Texas

Illustration: Annelise Capossela/Axios

The Dallas-Fort Worth metro area’s unemployment rate in October dropped slightly from September, according to data released by the Texas Workforce Commission.

Why it matters: Unemployment in North Texas remains below the national and statewide averages.

Weekly jobless claims fall to lowest level since 1969

Photo: Joe Raedle/Getty Images

Approximately 199,000 Americans filed initial claims for unemployment insurance‌ last‌ week, a 71,000 decrease from the week before.

Why it matters: The Labor Department said Wednesday it was the lowest level of initial claims since Nov. 15, 1969, when claims reached 197,000.

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