The best of times:American
- Author:The Economist Espresso
- Source:The Economist Espresso
- Release on:2018-03-09
Today’s jobs report is the last before the Federal Reserve meets—and probably raises interest rates—later this month. Analysts expect it to show job growth of 205,000 and an unemployment rate of just 4%.
A strong reading might add to the worries of some traders that inflation could soon accelerate—a concern that has been compounded over the past week by the prospect of a trade war and higher tariffs. In a speech on Tuesday, Lael Brainard, one the Fed’s three current board members, said that economic headwinds had mostly turned to tailwinds. But she seemed unruffled by the prospect of a “mild” and “temporary” breach of the central bank’s 2% inflation target.
Such an overshoot could give inflation expectations, which have sagged in recent years, a welcome lift, she said. In the meantime, Americans are enjoying the strongest labour market in decades, even as the Fed raises rates.
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