Goldman Sachs boss David Solomon warns the fight against inflation is nowhere near over – because the US jobs market still looks so strong
The Federal Reserve's fight against inflation is nowhere near over yet because the US jobs market still looks resilient, Goldman Sachs boss David Solomon has warned.
"We're somewhere, in my view, in the middle of the game – not near the end of the game," he said on an episode of the"And whether we're in the third inning or the sixth inning, it will depend – but it's very hard to cool off this inflation when you've got such a strong labor market," he added.last month, way clear of the 185,000 that economists polled by Bloomberg had forecast.
The Fed's main way of fighting inflation is increasing interest rates – and the latest wave of positive economic data means that many traders now expect it to raise borrowing costs to over 5% and then hold them there for the rest of 2023. "The market, I think at the moment, thinks the terminal rate is just over 5% – I actually think it's going to be higher than that," he said.
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