- Federal Reserve officials, buffeted in recent months by concerns the economy might again overheat, got relief on Friday when jobs data for April showed a marked cooling in wage growth and a pace of hiring in line with levels seen before the COVID-19 pandemic.
Traders responded to the jobs data by adding to bets that the Fed will deliver its first rate cut this year in September and likely follow with a second quarter-percentage-point cut in December. Both probabilities had been sliding recently as inflation data ran hotter than anticipated and Fed officials at their April 30-May 1 meeting noted the lack of recent progress in lowering the pace of price increases.
In surveys of workers and businesses, answers to questions about the ease of finding jobs or filling positions "have come back down to pre-pandemic levels," Powell said. While the jobless rate rose one-tenth of a percentage point to 3.9%, it remained below the 4.1% figure Fed officials at the median feel is aligned with their 2% inflation target.
A CNN panel of analysts and anchors broke out into laughter Thursday as Jake Tapper read a social media post from Michael Cohen, former President Trump’s onetime attorney, using vulgar language to blast Trump. “Okay … I apologize for this update ahead of time, but Todd Blanche, the Trump attorney, is specifically reading a post…The Fox News host was unimpressed after Jake Tapper told viewers about the moniker, which entered the court record Thursday.
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