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Title: Huge dislocations coming to the jobs market due to artificial intelligence - Goldman Sachs
Pub. date: Tue, 28 Mar 2023 18:24:20 GMT
Description: The impacts of artificial intelligence on society and politics are getting more attention but the macroeconomic impacts are just scratching the surface. Goldman Sachs chief economist Jan Hatzius write that generative AI, despite its uncertain potential, has shown remarkable progress in creating content similar to human-generated output and improving human-machine communication. He highlights the potential for significant impacts on the labor force. “Despite significant uncertainty around the potential of generative AI, its ability to generate content that is indistinguishable from human-created output and to break down communication barriers between humans and machines reflects a major advancement with potentially large macroeconomic effects … We find that roughly two-thirds of US occupations are exposed to some degree of automation by AI, and that of those occupations which are exposed, most have a significant — but partial — share of their workload (25-50 per cent) that can be replaced … We estimate that one-fourth of current work tasks could be automated by AI in the US, with particularly high exposures in administrative (46 per cent) and legal (44 per cent) professions and low exposures in physically-intensive professions such as construction (6 per cent) and maintenance.
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Title: US stocks turn lower as regional banks begin to struggle once again
Pub. date: Tue, 28 Mar 2023 17:48:04 GMT
Description: The KRE regional bank has been trending lower in the past hour or so for reasons that arent clear. Earlier today, House speaker Kevin McCarthy said that blanket deposit insurance wasnt on the table for now, so that couldnt have helped. Embattled bank First Republic is down 7.2% with yesterdays gain now nearly completely erased. The nasdaq has been soft all day led by Google and chipmakers but the weakness has now spread to Apple, American Express and Tesla. I would be careful to draw too many conclusions as were into the final stretch of the quarter and there may be some rebalancing at work.
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Title: US sells 5-year notes at 3.665% vs 3.675% WI
Pub. date: Tue, 28 Mar 2023 17:04:07 GMT
Description: Prior was 4.109% Bid-to-cover 2.48 vs 2.48 prior Indirects 68.58% vs 69.9% prior Direct 18.2% vs 19.0% prior. This is is a welcome change after yesterdays poor 2-year sale. There was a concession being built into the market for the past few hours so its not a huge surprise. The sale could cap the rally in USD/JPY today.
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Title: US set to sell 5-year notes in $43 billion auction
Pub. date: Tue, 28 Mar 2023 16:55:21 GMT
Description: The US is set to sell $43 billion in 5-year notes at the top of the hour. The on-the-run 5s are trading up 8.4 bps today to 3.679%, which is close to a session high. A concession makes sense given yesterdays dreadful 2-year sale. Monday’s weak result for the 2-year auction revealed there is some hesitation to bid aggressively for the most Fed-sensitive part of the curve in the midst of the latest financial stability risks that have complicated the monetary policy outlook, wrote BMOs Ian Lyngen today.