Post by epaul on Feb 7, 2023 18:20:32 GMT -5
On Friday, the government issued a jobs report that suggested that the economy and hiring were even healthier than Fed officials had thought. Employers added 517,000 jobs in January, the report said, nearly double December's gain, and the unemployment rate reached 3.4%, the lowest level in 53 years...The slowdown in inflation, even while the economy has stayed healthy, has raised hopes in financial markets that the Fed might be able to achieve its goal without having to raise borrowing rates so high as to cause a steep recession.
But Powell brushed aside that notion Tuesday. -AP
But Powell brushed aside that notion Tuesday. -AP
Powell: Oh no, the economy is still too healthy. I don't care if inflation is slowing, there are still way too many new jobs being created and workers are getting raises and the stock market refuses to crash. That can't be. And according to that paper I wrote to graduate back in 78, it shouldn't be. It's evil. Be prepared, if this country doesn't start to spiral into a severe recession and do so quickly, I will continue to jack those interest rates up, up, up. -ME
Good grief, there was a global covid shutdown and Russia's damn war in Ukraine, you don't need to blame a healthy, job-creating, economy for the inflation.
