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PLUS: Jobs report preview, Homeownership rates
Hey Basis Pointers, here's today's housing, banking, fintech quick hits.

Today we've got an April BLS jobs report preview ahead of tomorrow, which includes some interesting BofA research on gig worker incomes dropping. ADP April job growth of +296k strongly beat expectations of +135k, and BLS expectations call for +178k.

Also, here's a quick reference recap of 10 Fed hikes in last 14 months totaling 5%.

After yesterday's Fed meeting, we got an updated 2023 update rate and recession outlook from bond king Jeff Gundlach.

And the latest 1Q23 homeownership rates show trends by age and race.

Finally, for our fintech friends, hot San Francisco startup Finix is going after Stripe on payment processing.

But the market selling hot startups is cold right now. This chart says it all.

Enjoy the day, and please reach out with your housing, banking, fintech takes today...

Julian

Gig economy incomes and jobs slowing. Will April job growth slow too?

Post pandemic gig economy slowing - BofA reports fewer making gig income and overall gig income is down - The Basis Point
Gig economy is slowing. Will this impact April jobs report? Likely not, but does impact people's incomes. Here's the charts, and a jobs report preview.
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Bond king Jeff Gundlach on lower 2023 rates, more bank trouble, recession odds 'pretty darn high'

DoubleLine-CEO-Jeff-Gundlach-rate-outlook-is-for-lower-rates-later-in-2023-because-recession-odds-are-pretty-darn-high-right-now-CNBC-via-The-Basis-Point
After May Fed meeting, DoubleLine CEO Jeff Gundlach told CNBC he sees 4% CPI by year-end, a bond market that implies lower mortgage rates, and high recession odds. Here's a recap.
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66% Homeownership Rate Stays High 1Q23 But Black (46%), Hispanic (50%) Rates Much Lower

1Q23-U.S.-homeownership-rate-66-same-as-4Q23.-Non-white-rates-lower-Black-46-Hispanic-50-Asian-62-Realtor.com-via-The-Basis-Point
Realtor.com team updated their 1Q23 homeownership chart set, which shows homeownership overall, by age, and by race.
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Details on 10 straight Fed hikes totaling 5% and what this did to inflation, jobs, mortgage rates

10-straight-Fed-Rate-hikes-totaling-500-basis-points-all-in-one-chart-The-Basis-Point
The Fed has hiked 10 straight times in the last 14 months, which totals 5%. This is what those hikes have done to inflation, jobs, mortgage rates.
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Sales of hot startups nosedived 1Q23 (CHART)

Acquisitions-of-VC-backed-startups-nosedives-in-1Q23-Fortune-via-The-Basis-Point
Bank analyst Tom Brown notes there are 704 active unicorns with a combined valuation of $2.4t. Since beginning of 2022, unicorn sales have totaled $39.6b, which make it the lowest year since 2015.
/ Read More

Finix fast becoming formidable Stripe competitor in payment processing

San Francisco based startup Finix ups payment processing game — and Stripe competition — by directly connecting to all major U.S. card networks.
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