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.
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