The Forward Guidance newsletter discusses the shift in market focus from inflation concerns to worries about a potential recession. The newsletter analyzes various economic indicators, such as job vacancy rates and jobless claims, to gauge the health of the labor market and provide insights into the upcoming jobs report. It also highlights the outperformance of the real estate sector in the S&P 500, signaling that the market rally is not solely driven by tech stocks. The newsletter also reports the departure of the head of the SEC's enforcement division, Gurbir Grewal, who played a significant role in the agency's increased enforcement actions in the crypto industry. Lastly, it mentions that banks will soon be able to test Swift's platform for the settlement of digital assets and currencies, potentially paving the way for greater adoption of cryptocurrency transactions in the financial industry.



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