November 22, 2017
Markets were focused on the jobs report Friday morning. The U.S. created 261,000 jobs in October, well below the 310,000 expected. Frank Zaccanelli, former owner of the NBA basketball Dallas Mavericks and CEO of real estate investment fund Fiamma Partners, was with us to break down the numbers. Markets weren't concerned about the numbers, and neither was Zaccanelli. He says e-commerce is eating away at retail jobs and the numbers reflect the aftermath of the hurricanes. Overall, though, Zaccanelli believes the economy is in a good spot. He also comments about the new Fed Chair nominee Jerome Powell, saying that while President Trump has a Wall Street bias, Powell could be good a good pick. As for his outlook for interest rate hikes, the former NBA team owner is confident the economy is strong enough for the bank to raise rates in December.