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Speculation Over Powell’s Future, Fed Likely To Taper Despite Disappointing Jobs Number

All eyes were on the job report this morning since the Fed has telegraphed publicly that the pace and breadth of recovery in the labor market would be a key indicator to help determine its timing on policy changes. The jobs report was indeed disappointing, but Powell prepared markets for a taper even in the event of such a miss. He said at the last meeting, “It wouldn’t take a knockout, great, super strong employment report.” Essentially, the Fed specified that it would focus on the accumu

All eyes were on the job report this morning since the Fed has telegraphed publicly that the pace and breadth of recovery in the labor market would be a key indicator to help determine its timing on policy changes. The jobs report was indeed disappointing, but Powell prepared markets for a taper even in the event of such a miss. He said at the last meeting, “It wouldn’t take a knockout, great, super strong employment report.” Essentially, the Fed specified that it would focus on the accumulated hiring process and put less focus on the month-by-month patterns given the unique challenges posed by the Delta Variant.

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