Fed whisperer: Strong jobs data removes case for near-term rate cut

Nick Timiraos, a Wall Street Journal (WSJ) reporter often described as the Fed whisperer, stated that the latest non-farm payroll data has virtually eliminated the case for a near-term interest rate cut, assessing that the hiring boom has regained vitality. He argued that the re-acceleration of the job market will give Federal Reserve (Fed) officials concerned about inflation grounds to argue that the current policy stance is insufficient to curb price pressures. Timiraos added that while this jobs report does not entirely settle the debate over the extent of further rate hikes this year, it has solidified the view that there is no reason to cut rates for the time being.