Stronger-than-forecast jobs growth underlines economic acceleration that may push the Federal Reserve to raise interest rates by the first quarter of 2015, BlackRock Inc.’s Rick Rieder said.
“The Fed will move faster than people think because the data is extraordinarily compelling,” Rieder, whose company is the world’s biggest money manager, said in an interview on Bloomberg Television’s “Market Makers” with Erik Schatzker. “If the data continues along the runway that it’s at, there’s no reason why it can’t move faster.”
Rieder, New York-based BlackRock’s chief investment officer for fundamental fixed income, spoke after the Labor Department reported U.S. employers added 288,000 workers in June. Economists in a Bloomberg survey estimated a gain of 215,000. The unemployment rate fell to an almost six-year low of 6.1 percent.
Recommended Content
Editors’ Picks
AUD/USD awaits RBA Meeting Minutes for direction
The AUD/USD pair retreated from above 0.6700 and trades around 0.6670 early in Asia, following clues from Gold price in the absence of other news. Australia will publish Westpac Consumer Confidence and RBA Minutes early on Tuesday.
EUR/USD consolidates ahead of 1.0900
The EUR/USD pair failed to grab speculative interest’s attention on Monday and consolidated at around 1.0860. Federal Reserve officials keep flooding the news, but so far, failed to spur some action.
Gold retreated from record highs, maintains the upward bias
Gold rose sharply at the beginning of the week on escalating geopolitical tensions and touched a new all-time high of $2,450. With market mood improving modestly, XAU/USD erases a majority of its daily gains but manages to hold above $2,400.
Ethereum poised for high volatility as SEC may ‘slow play S-1s’ filings
Ethereum's (ETH) price movement on Monday reveals traders' uncertainty following Grayscale CEO's departure and expectations that the Securities & Exchange Commission (SEC) would deny applications for spot ETH ETFs this week.
Signed into law: Alabama abolishes income taxes on Gold and Silver
On May 14, 2024, Alabama Governor Kay Ivey signed a bill that removes all income taxes on capital gains from the sale of gold and silver, enabling the state to take an important step forward in reinforcing sound money principles.