The Federal Reserve can look to end its inflation fight now that the labor market is cooling after gaining a historic 26 million jobs in the past three...
The Federal Reserve can probably end its inflation fight now that labor market is cooling after it gained a historic 26 million jobs in roughly the past three years, according to BlackRock’s Rick Rieder.
The report showed the U.S. adding 187,000 new jobs, slightly more than forecasts, but also pointing to an uptick in the low unemployment rate to 3.8% from 3.5%. He expects wage pressures to ease and thinks the “economy may now have fulfilled many of its needs,” which should make the Fed feel more confident in “the permanence of lower levels of inflation,” so that it can slow or stop its interest rate rises by year-end.
The Fed has already raised interest rates to a 22-year high in July to a 5.25%-5.5% range, with traders in fed-funds futures on Friday pricing in only about a 7% chance of another Fed rate hike in September and favoring no hike again at the central bank’s November policy meeting.
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