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The President may finally get the rate cut he has been demanding as top Fed officials began warning this week that the global trade war may force them to respond. Chair Jerome Powell made a subtle move in that direction on Tuesday, dropping his standard reference to the Fed being "patient," and said it is prepared to "act as appropriate to sustain the expansion" amid intensifying trade tensions. (SA)

 

It’s not just Apple with China-related woes… Samsung Electronics is cutting production and laying off workers at its only remaining smartphone plant in China as it continues to shift production to lower-cost Asia locations. The world's biggest smartphone maker has only about 1% market share in the country, down from about 20% in 2013. The intervening years have seen a bout of anti-South Korean sentiment following a diplomatic spat, as well as a shift to local champions like Huawei at a time of deteriorating Sino-U.S. relations. (WSJ)

 

The labor market unexpectedly ground to a near halt in May, with the latest data showing the private sector adding the least number of jobs in over nine years.  Non-farm private employers added just 27,000 jobs last month, according to a report from payroll processor ADP. The figure, which followed a strong April, badly missed expectations for a gain of 185,000 and marks the weakest monthly gain since March 2010. (FT)

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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