Daly Signals More Fed Rate Hikes as U.S. Adds 165,000 Jobs
Updated
Updated · CNBC · Nov 6
Daly Signals More Fed Rate Hikes as U.S. Adds 165,000 Jobs
1 articles · Updated · CNBC · Nov 6
Summary
Mary Daly said the Fed will likely need to tighten policy further, though she left the timing and size of any move open as officials wait for more incoming data.
October payrolls rose 165,000 and unemployment dipped to 4.1%, a stronger-than-expected report that Daly called good news for workers but not enough to ease inflation concerns.
3.1% annual wage growth still trails September CPI at 3.7%, and Daly said households remain under pressure as real pay fails to keep up with prices.
The Fed lifted its policy rate to 3.75%-4% in September, then paused last week; Daly said both decisions were appropriate and still favors a gradual approach amid uncertainty.