Chicago Fed president Austan Goolsbee doesn’t think a hot jobs report released Friday will alter the downward path of interest rates over the next 12 to 18...
By the end of 2025, "I think we will be a fair bit lower if conditions continue like this," he added.showed new strength instead. The labor market added 254,000 payrolls in September, more than the 150,000 expected by economists. The unemployment rate also fell to 4.1%, from 4.2% in August.
The bulk of the Fed’s rate-setting committee, Goolsbee noted, views rates eventually settling in a range of 2.5-3.5%, down from today's range of 4.75% to 5.00%.Though he noted the pace with which the Fed gets to that level will hinge on economic conditions and whether there will be any surprises that could jolt the economy or inflation, including how much oil prices run up following more unrest in the Middle East.
"I think this pushes the Fed out a lot," said Peter Tchir, Academy Securities head of macro strategy, while noting it could elevate central bank concerns about inflation. "This is not a committee that feels like it is in a hurry to cut rates quickly," Powell said Monday during an appearance before the National Association for Business Economics annual meeting in Nashville.
"The September report generally reversed many of the cooling trends that had been apparent in various measures of labor market activity," he said. "That cooling had threatened to turn into something more worrisome, but after today’s report the soft landing looks back on track."Minnesota senior vice president and general manager Thad Levine is leaving the Twins after eight seasons with the club, the team said Friday.
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