Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
US unemployment rate, currently at 5% is already close to the Fed's estimate of the NAIRU, the level consistent with full employment. However, the broader so-called U-6 underemployment measure is at 9.9% suggests that some spare capacity remains in the labour market.
If the recent pace of labour market improvements is sustained, Nordea Markets expects a U-6 underemployment rate of 9% - consistent with full employment would be reached around mid-2016. Nordea Research expects traditional unemployment rate is expected to fall to 4½% by end-2016 and 4¼% by end-2017.
"We continue to see little scope for a major trend reversal in labour force participation as the negative impact of an ageing population is believed to continue dominating positive cyclical inflows to the labour force. Assuming a roughly flat participation rate, we estimate that the "break-even" rate of payroll growth - the rate needed to keep the unemployment rate unchanged - is about 125k per month. However, in case the downtrend in the labour force participation rate over the past two years is sustained, the "break-even" rate would be as low as 70k," says Nordea Markets in a report.
