Dovish San Francisco Fed's Daly Turns Hawkish: Zero Job Growth Doesn't Necessarily Mean Labor Market Weakness

A dovish San Francisco Fed Chair Daly stated that against the backdrop of near-stagnant labor force growth, zero or even negative non-farm payroll growth would not necessarily indicate a weakening labor market. The ample, dynamic labor market that has long dominated expectations in recent years may seem out of reach. Coupled with inflation data that has consistently exceeded targets, policymakers must more clearly articulate how they will steer the economy towards its statutory goals