As expected, the Federal Reserve laid out its plans for ending its bond buying stimulus program in October. Many also expected the Fed to remove the phrase “considerable time” from its pledge that interest rates would remain low but it kept that phrase indicating that it is not in a hurry to raise rates (keeping interest rates low is one of the tools the Federal Reserve has to stimulate the economy). With Quantitative Easing coming to end, Fed watchers focus is now on the Fed’s interest rate policy. The Fed will look closely at the monthly jobs report when deciding its next steps.
- +215k Payrolls
- 6.1% Unemployment
- Hourly Earnings +0.2%
- Work Week 34.5 Hours
The jobs report beat expectations on both payrolls and unemployment.