Posted 2/2/2024, 4:43:57 PM
Strong January Jobs Report Signals Resilient Economy, Dimming Hopes for Near-Term Fed Rate Cuts
- January jobs report shows 353,000 jobs added, exceeding expectations and signaling a strong economy
- Strong economy makes near-term interest rate cuts by the Federal Reserve unlikely
- Fed Chair Jerome Powell said rates may stay elevated for longer to combat still-high 3.4% inflation
- Economists say March and May rate cuts now seem "off the table" given the strong jobs data
- Borrowing rates for consumers to buy cars, homes, etc. likely to remain high for some time