As Sam McElroy writes, the U.S. economy is fundamentally strong — for now Federal Reserve Board Chairman Jerome Powell explains the Fed’s new patient policy.
With the shutdown ended, President Donald Trump’s erratic behavior isn’t killing us. For now. January was a month of bad economic news when there was any news at all (i.e. when data wasn’t delayed because of the government shutdown) — until Wednesday.
Then we found out from payroll processor ADP that private employers added 213,000 jobs this month. Hours later, the Federal Reserve, spooked enough by the tumult over the shutdown and the manifest nuttiness emanating from the White House and the shutdown, said it was out of the business of raising interest rates for a while.
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