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Powell attends an event at the Federal Reserve on October 4, 2019. Photo: Win McNamee/Getty Images

We're in a Goldilocks economy, if you believe Fed chair Jay Powell. He gave a speech on Tuesday to the National Association for Business Economics in which he reminded the attendees just how special the current economic situation is.

"We don’t get to see the 11th year of an expansion a lot, and there’s a lot to like about it, particularly for people at the lower end of the wage scale who are getting now the highest raises. And it’d be great to continue."
— Jay Powell
Expand chart
Data: U.S. Chamber of Commerce; Chart: Axios Visuals

What he's saying: Powell was upbeat about his interest rate cuts, which he said were designed to give the economy room to "gather steam again." He was also optimistic on inflation, and said he was trying very hard to persuade the markets that he wants to see it higher.

  • Powell barely needed to mention unemployment, which is at a 50-year low. There are now just 1.04 Americans looking for work for every job vacancy in America, according to new data from the U.S. Chamber of Commerce. That's an all-time low and bespeaks a very healthy labor market.

Yes, but: Next week is the official start of earnings season. Major banks will report their 3rd quarter results, including JPMorgan, Wells Fargo and Goldman Sachs. Look out for United Airlines and J&J too.

Expand chart
Data: FactSet; Chart: Axios Visuals

Why it matters: Expectations are low. Analysts expect S&P companies' third-quarter earnings to come in 4% lower than the same period last year. That would mark the biggest year-over-year drop since 2016, according to FactSet.

  • Companies have been guiding investors' expectations downward in the wake of uncertainty about the trade war, higher tariff-related costs and concerns about the global economy. What's certain is that earnings won't come close to the expectations that the market priced in last year.

Go deeper: The world according to Jerome Powell

Go deeper

20 mins ago - Health

Prior coronavirus infections may not protect well against Omicron

Illustration: Aïda Amer/Axios

New data from South Africa suggests the Omicron variant spreads more than twice as quickly as the Delta variant, and that immunity from prior infection doesn't appear to protect a person very well against Omicron variant.

Why it matters: The findings are extremely preliminary, and there are still many open questions about how well vaccines work against the variant. But these initial breadcrumbs of data are helping the world begin to understand what it's up against.

Bryan Walsh, author of Future
53 mins ago - Technology

AI could end foreign-language subtitles

Illustration: Shoshana Gordon/Axios

AI companies are developing methods to translate and synthesize voices in ads, movies and TV.

Why it matters: The advances in voice synthesis could help fix bad movie dubbing — and they come as international content is becoming increasingly important to studios and streaming platforms as part of the globalization of entertainment.

Bryan Walsh, author of Future
Updated 10 hours ago - Technology

A dark view of the future of autonomous weapons

A still from the video "If Human: Kill ( )." Image: Future of Life Institute

A new short film warns of the coming risks posed by the development and proliferation of lethal autonomous weapons.

Why it matters: Drones with the ability to autonomously target and kill without the assistance of a human operator are reportedly already being used on battlefields, and time is running out to craft a global ban of what could be a destabilizing and terrifying new class of weapon.