Fed's Barkin says October data shows gradual cooling of job market

📆 2023-11-03 17:00:00
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Data matches what those who don’t want another interest rate hike want to see, Richmond Fed President says

The October employment report showed a “gradual lessening” of the job market that would be welcome by those who want the Federal Reserve to stop raising interest rates, said Richmond Federal Reserve President Tom Barkin on Friday.

“What we saw today was data that showed a gradual lessening of the job market. I think that’s what those who would like to not see another rate hike would want to see,” Barkin said, in an interview on CNBC.“I don’t prejudge” what the Fed might do, including at its next meeting in December 12-13, Barkin said.“Do you feel you have done enough?” Barkin was asked. “What I would say is we want to be done with inflation,” he answered.

U.S. stocks DJIA SPX were higher Friday and 10-year Treasury yield BX:TMUBMUSD10Y dropped again on hopes in the market that the step-down in job growth in October would keep the Fed on the sideline until next year when the central bank could start cutting its policy rate.

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