Weak jobs report puts Fed on hold through September: economist
The weak February jobs report gives the Federal Reserve even more reason to be patient about interest rate adjustments and will keep the central bank on hold until at least the September meeting, economists said Friday.
Moody said the economy has been shifting into a slower pace of growth and that means some data will look quite weak. “It doesn’t happen in a straight line,” he said.Read: Job gains mark smallest increase in 17 months Fed officials have stressed in their speeches this year that they are taking a wait-and-see approach to monetary policy.Seth Carpenter, chief U.S. economist at UBS, agreed that this patience would extend until the third quarter.Carpenter said he expects the weak first quarter will be followed by a rebound over the next six months. This will eventually lead to Fed to raise interest rates again, he said.
“It is clear the first quarter is going to be very soft. And it is happening against a backdrop of weaker global growth,” he said.Read: ‘Don’t hit panic’ — economists find the jobs report wasn’t as bad as 20,000 headline suggests
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