> no benchmark rate will change that It's definitely a crude measure. I think it acts as more of a signal to corporations that they should instigate mass layof

> no benchmark rate will change that It's definitely a crude measure. I think it acts as more of a signal to corporations that they should instigate mass layoffs. You don't want to be the only company doing layoffs and then just have your competitors gobble up your talent and eat your lunch. So the Fed signals the safe time for everyone to do layoffs simultaneously. It's implicit coordination.