The jobs report will keep the Fed patient

The November jobs report showed there is still some sizzle left in the labour market, CIBC notes after today's release.The data showed 199K jobs added, better than 180K. The unemployment rate also fell to 3.7% from 3.9% in a surprise.Today’s report will raise some eyebrows in the FOMC and is a reminder that the labour market remains tight. But with inflation persistence less of a challenge, the Fed will remain patient. As inflation and expected inflation edge down, monetary policy will continue to become more restrictive without further tightening of nominal policy rates because real policy rates will slightly increase. As for the implications, CIBC said the report strengthens their call for

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Last updated : 08 Dec 2023 clock 09:56 PM

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