Make Kitco Your Homepage

Powell: Jobs report was stronger than expected but shows why this will be a long process

Kitco News

Feb 7 (Reuters) - Federal Reserve Chairman Jerome Powell said Tuesday very strong jobs data released last week simply affirms that the central bank has some way to go on raising rates.

When it comes to Friday's release of the January jobs data, “we didn’t expect it to be this strong,” Powell said.

While declining to say whether knowing about the vigor of the data would have affected last week's 25 basis point rate rise, Powell said the data “shows you why this will be a process that takes a significant period of time," when it comes to tightening monetary policy.

Reporting by Michael S. Derby; Editing by Chizu Nomiyama
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.