![]() "It won't alter the Fed's approach here as far as tapering and raising rates starting in mid-2022." Management co-chief investment strategist, told Yahoo Finance Live on Friday. ![]() I don't think this changes the Fed's strategy at all," Emily Roland, John Hancock Investment. I think Goldilocks is right, not too hot, not too cold. Still, in his post-FOMC meeting press conference on Wednesday, Powell also noted that there was "still ground to cover to reach maximum employment both in terms of employment and in terms of participation." The Fed noted that those would depend on how the economic recovery unfolded. The central bank opted earlier this week to announce the start of its asset-purchase tapering program, but declined to offer specifics for the dollar amount of further tapering next year or the timing of interest rate hikes. The October report suggested negative impacts from the Delta variant wave in late summer were beginning to dissipate, especially given the jump in hiring in leisure and hospitality industries and other high-contact areas of the economy.Īnd importantly for investors, the labor market data helped vindicate the Federal Reserve's latest decision to pare back on some of its monetary policy support as the economy makes more progress in its recovery. And average hourly earnings rose at a 4.9% year-on-year pace, with wages pushed higher as companies competed for workers amid widespread labor scarcities. ![]() The unemployment rate dipped to 4.6%, or the lowest since March 2020. Payrolls were also upwardly revised for both August and September. Wall Street's focus on Friday was on the Labor Department's October jobs report, which showed that non-farm payrolls rose by 531,000 last month, compared to the 450,000 expected.
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