The Federal Reserve will stand up to applaud the surprisingly encouraging May jobs report but won’t make any other move to alter its “low-for-longer”interest-rate policy, economists said.
“The much-better-than expected May employment report is telling us something,” said Richard Moody, chief economist at Regions Financial Corp. “[W]e’re just not sure what.” John Briggs, head of strategy for the Americas at NatWest Markets, said the Fed may set details on further quantitative easing. “Ongoing tapering, without a formal plan, could lead market participants to assume the Fed is on their way to ending QE altogether, something we do not think the Fed intends to do,” Briggs said.
The data will perhaps spark more discussion than expected about possible next steps for monetary policy. The Fed will release updated economic and financial projections — the first forecasts since last December.
Economy tanking, Wall St banking. Something 's not right here.
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