{"id":55918,"date":"2023-09-01T19:21:55","date_gmt":"2023-09-01T23:21:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/fed-rate-hikes-can-end-now-that-u-s-job-gains-are-the-size-of-an-economy-like-australias-says-blackrock\/"},"modified":"2023-09-01T19:21:57","modified_gmt":"2023-09-01T23:21:57","slug":"fed-rate-hikes-can-end-now-that-u-s-job-gains-are-the-size-of-an-economy-like-australias-says-blackrock","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55918","title":{"rendered":"Fed rate hikes can end now that U.S. job gains are the size of an economy like Australia\u2019s, says BlackRock"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002465822\" role=\"document\">\n<p>The Federal Reserve can probably end its inflation fight now that the U.S. labor market is cooling after generating a historic 26 million jobs in roughly the past three years, according to BlackRock\u2019s Rick Rieder.<\/p>\n<p>\u201cIn fact, 26 million jobs is like adding an economy the size of Australia or Taiwan (including every man, woman, and child),\u201d said Rieder, BlackRock\u2019s chief investment officer in global fixed income, in emailed commentary following Friday\u2019s monthly jobs report for August. <\/p>\n<div class=\"paywall\">\n<p>The August nonfarm-payrolls report showed the U.S. adding 187,000 jobs, slightly more than had been forecast, but also pointing to an uptick in the unemployment rate to 3.8% from 3.5%.<\/p>\n<p>\u201cRemarkably, 22 million people were hired between May 2020 and April 2022, and 11 million were added to the workforce from June 2021 to May 2023, as the economy has opened up massive amounts of roles for fulfillment,\u201d said Rieder.<\/p>\n<p>He expects wage pressures to ease, he said, and thinks the \u201ceconomy may now have fulfilled many of its needs,\u201d which should make the Fed feel more confident in \u201cthe permanence of lower levels of inflation,\u201d so that it can slow or stop its interest-rate rises by year-end.<\/p>\n<p>Hiring in the U.S. has slowed, except in education and in healthcare services, when looking at private payrolls based on a three-month moving average.  <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>The Fed has already raised interest rates in July to a 5.25%-to-5.5% range, a 22-year high, with traders in federal-funds futures on Friday pricing in only about a 7% chance of a Fed rate hike in September and favoring no hike again at the central bank\u2019s November policy meeting.<\/p>\n<p>Rieder of BlackRock, one of the world\u2019s largest asset managers with $2.7 trillion in assets under management, said he thinks a Fed pause or outright end to rate hikes could calm markets, even if the Fed, as BlackRock expects, keeps rates high for a time.<\/p>\n<p>U.S. closed mostly higher Friday ahead of the Labor Day holiday weekend, with the Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       up 0.3%, the S&amp;P 500 index<br \/>\n        SPX<br \/>\n       up 0.2% and the Nasdaq Composite Index<br \/>\n        COMP<br \/>\n       0.02% lower, according to FactSet.<\/p>\n<p>The 10-year Treasury yield<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       was at 4.173%, after hitting its highest level since 2007 in late August, adding to volatility that has wiped out earlier yearly gains in the roughly $25 trillion Treasury market.<\/p>\n<p><strong>Read on:<\/strong> This hadn\u2019t happened on the U.S. Treasury market in 250 years. Now it has.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/fed-rate-hikes-can-end-after-u-s-job-gains-rival-an-economy-the-size-of-australia-says-blackrock-9179786a?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Reserve can probably end its inflation fight now that the U.S. labor market is cooling after generating a historic 26 million jobs in roughly the past three years, according to BlackRock\u2019s Rick Rieder. \u201cIn fact, 26 million jobs is like adding an economy the size of Australia or Taiwan (including every man, woman, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-55918","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fed rate hikes can end now that U.S. job gains are the size of an economy like Australia\u2019s, says BlackRock | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Federal Reserve can probably end its inflation fight now that the U.S. labor market is cooling after generating a historic 26 million jobs in roughly\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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