Move over, inflation. The hot labor market is also a top factor in the central bank’s decisions about monetary policy. Last month, employers added an unexpected 517,000 jobs, a strong gain that continues to put upward pressure on inflation. The January jobs report came just two days after the Fed raised its key interest rate for the eighth time since last March. With the unemployment rate at its lowest level in over fifty years, the hope that the Fed would begin to wind down its policy tightening sooner rather than later just got more complicated.
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