Federal Reserve to pull back on stimulus program despite lukewarm job market performance
In spite of a lackluster jobs report Friday, September 6 that questioned the country’s economic stability, analysts are of the opinion that the Federal Reserve will be pulling back on its stimulus program that helps secure the job market in a matter of weeks.
Economists said Fed governors would make light of the Labor department’s August report that showed a meager addition of only 169,000 jobs to the employment market, and still justify dwindling their monthly purchase of long-term Treasury bonds and mortgage-backed securities – initiatives that help push down long-term interest rates – after their next assembly on September 17 and 18.
Pantheon Macroeconomics chief economist Ian Shepherdson said Fed governors should postpone making such an action, as “the risks posed by Syria and the impending fiscal chaos in Washington” are at hand, with Shepherdson referencing Congressional debates over debt limit and spending measures.
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