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Fed signal for pause in rate hikes takes pressure off hot jobs report
By Steve Matthews
Bloomberg News
Thursday, June 1, 2023
Federal Reserve officials are signaling that they plan to keep interest rates steady in June while retaining the option to hike further in coming months, steering market expectations ahead of a key employment report.
Governor Philip Jefferson, a centrist who is nominated to be vice chair and who often echoes Chair Jerome Powell's views, said Wednesday that skipping an increase would give policymakers time to assess data but not preclude future tightening.
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That view undercuts the importance of the monthly jobs report, due Friday, which has often been viewed by Wall Street as a key data point swaying policy. After Jefferson spoke, investor bets for a hike at the June 13-14 Federal Open Market Committee plunged to about 35% Wednesday from nearly 60% a day earlier.
"I definitely think this was a signal" and "likely completely in sync with Chair Powell's views," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. "Just the response of market pricing makes it clear that the message is getting through." ...
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