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Most likely just commercial, if the fed market is "soft" we have a larger problem
Commercial. Had 3 buddies in HC (C/SC, Dallas, Austin, Houston) laid off In January. They said there was about 10 others that they knew with them. And paired with what I've seen on here, it seems there is trimming each month.
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Direct knowledge of Fed HC and S&O reductions
You hear about it in the news when Fed goes down. It's always a bigger deal, congressional Bs and all that jazz.