SF Fed President Says Weak NFP Will Not Derail Taper

At least one Federal Reserve member doesn’t think last week’s jobs report is reason enough for the Fed to put its tapering plans on hold.
San Francisco Federal Reserve President John Williams said Monday that one month’s job numbers won’t make or break Fed policy, and said he felt the central bank will still begin to unwind its purchases of bonds and mortgage-backed securities later this year as planned.

“It’s really important for us to not [read too much] into one month’s data, whether strong or weak,” Williams said at a press conference at the annual meeting of the National Association for Businesses Economics. “The latest data is consistent with forecasts of gradual improvement. I’m still 100% on board with Chairman Bernanke’s timeline.”
Fed Chairman Ben Bernanke has said the central bank will begin to “taper” its $85 billion a month in asset purchases as the labor market improves. He predicted that would be sometime toward the end of this year.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza