US job cuts - chatter that Morgan Stanley planning to lay off 3,000

Earlier from IBM:

• IBM says it could replace up to 7,800 jobs with AI - is pausing hiring

Rumours now that Morgan Stanley is drawing up plans to lay off around 3000 employees, citing a M&A 'drought':

• renewed focus on expenses as recession fears delay a rebound in dealmaking
• representing around 5% of its global workforce

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The Federal Open Market Committee (FOMC) meet this week:

• 92% probability of 25 bps rate hike, 8% probability of no change (Fed funds futures)

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The cycle of rate hikes in the US is related to the labour market, and not in a positive way.

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