Jobs numbers are so high that the Fed won't support stocks by cutting rates until 2024, Goldman Sachs chief economist says

Mon, 02/06/2023 - 06:57

now hiring sign with person in front of it — The US economy added 517,000 payrolls in January, according to Friday's jobs report.
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Friday's jobs report showed the US economy added 517,000 payrolls last month, more than twice the number predicted by analysts.
That boom gives the Federal Reserve more scope to hike and hold interest rates high, according to Goldman Sachs' chief economist.
"We do expect the Fed to do more than what markets are pricing," Jan Hatzius said.

The surprise January surge in US jobs could be bad news for investors – because it's likely to embolden the Federal Reserve to press ahead with its interest-rate hikes as it battles to bring inflation down to 2%, according to Goldman Sachs' chief economist.