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The Fed’s Hawkish Walk Back

After a huge surprise in last week’s jobs report, the Federal Reserve has dispatched officials to send a hawkish message.

February 7, 2023
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At last week’s FOMC meeting, Federal Reserve Chair Jerome Powell surprised many market watchers with a more doveish than expected FOMC speech and Q&A. On Friday, however, the January non-farm payrolls report came in with 517,000 new jobs added – far more than the 185,000 economists expected. Early this week, the Fed responded by deploying a number of officials to suggest that the continued tightness of the labor market was justification for more rate hikes this year.

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