November jobs report proves Fed was right to cut rates, former top official says
"If anything it reinforces their judgment that they've got policy in a good place ... to support the continued good growth in the economy with very contained inflation," Kohn, a former vice chairman of the Federal Reserve Board, said Friday on "The Labor Department reported Friday that the U.S. economy added 266,000 jobs last month, significantly eclipsing estimates of 187,000 from economists polled by Dow Jones. The unemployment rate dropped back to 3.
Trump appointed Powell to lead the Fed, whose Federal Open Market Committee meets next week. It is widely expected to"They certainly don't need to ease to help the labor market. It's doing great all by itself," said Kohn, who was vice chairmanAssuming no major economic event, Kohn said he expects the Fed to keep interest rates steady for the next year, arguing that would keep the economy in "decent shape.
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