April Jobs Data Shows Fed Move Wise

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00005405-april-jobs-data-shows-fed-move-wise/

The Federal Reserve is not blind to market fears over soft U.S. growth but strong April jobs data vindicate its decision to “stay the course” in raising interest rates, Dallas Federal Reserve President Richard Fisher said on Tuesday.

“At last week’s (Federal Open Market Committee) meeting …we were well aware of the pessimism rampant in the marketplace about the pace of the economy and the rumors about the return of “stagflation,” Fisher, in his debut speech at the helm of the Dallas Fed, told the World Affairs Council of Greater Dallas.

“The fans — the financial markets — were getting antsy. The (FOMC) … did not allow itself to get frazzled. After looking at the tenor of the markets, it was the considered judgment of the Committee to stay the course by continuing to tighten policy ‘at a measured pace’,” he said.

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April Jobs Data Shows Fed Move Wise

Unknown Author

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