A jump in layoffs and unemployment claims would be an early sign of recession
Key rate range could top 5% in 2023
Wall Street welcomed the better-than-expected data as support for the Fed to slow rate hikes
The Fed is expected Wednesday to raise its benchmark short-term rate for a seventh time this year
Jobless rate at 53-year-low of 3.7%, markets alarmed
A smaller December hike shouldn't be taken as a sign the Fed will let up on its inflation fight anytime soon
James Bullard is a voting member of the Federal Reserve's rate-setting committee
Credit card balances up 15%, grocery spending down
Restaurants, hotels, hospitals add jobs amid four consecutive 75-bps rate hikes
Short-term rate, at 3.75% to 4%, at 15-year high