News The Balance Today: News You Need To Know on Aug. 29, 2022 Are More Layoffs Coming? By Kristin Myers Updated on August 29, 2022 Fact checked by Hilarey Gould Photo: xavierarnau / Getty Images Today is not the day to stare at your investment account. Markets are continuing to fall today after tumbling last week on the heels of Federal Reserve Chair Jerome Powell’s speech. Powell indicated Friday that the central bank will remain hawkish in its stance, and will continue to raise interest rates as it tries to bring down inflation. We’d all love to see prices on goods and services decline, but tight monetary policy is a balancing act: Higher interest rates also make it more expensive to borrow money for big-ticket items and to carry credit card debt. And let’s not forget that the higher interest rates go, the more likely that the U.S. could tip into a recession. On Friday, the Labor Department’s August jobs report could strengthen or weaken the Fed’s case that the economy is strong enough to handle higher rates: If more jobs were added than expected (and the numbers were as good as July), then that means that employers are continuing to hire workers. The more people are employed, the more we’ll have money to pay our bills and buy things, and that helps keep the economy going. But labor market weakness could indicate that layoffs are coming and that a recession might be here sooner than we’d like. We’ll get a snapshot of the housing market tomorrow when the Case-Shiller Housing Index is released, revealing if home prices have fallen—and by how much. We’ll also hear from several policymakers at the Federal Reserve throughout the week, and you can be sure that investors will be paying close attention to their remarks. That could make this week a bumpy one in the markets, so don’t be too alarmed if there’s a lot of volatility. Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. Yahoo! Finance. "World Indices." Board of Governors of the Federal Reserve System. "Speech by Chair Powell on Monetary Policy and Price Stability." U.S. Bureau of Labor Statistics. "Release Calendar, September 2022."