---
title: "\"Fed Whisperer\": April Non-Farm Employment Data Robust, Fed Policy Focus Should Shift to Inflation"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285778537.md"
description: "Nick Timiraos, known as the \"Fed Whisperer,\" wrote that the April non-farm employment report highlighted the stability of the labor market, with inflation data set to determine the Federal Reserve's next policy direction. He also pointed out that inflation is currently rising slowly due to the impact of tariffs and the war in Iran"
datetime: "2026-05-08T22:53:23.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285778537.md)
  - [en](https://longbridge.com/en/news/285778537.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285778537.md)
---

# "Fed Whisperer": April Non-Farm Employment Data Robust, Fed Policy Focus Should Shift to Inflation

Nick Timiraos, a prominent financial journalist known as the "Fed Whisperer," wrote:

Four months ago, a major challenge facing the Federal Reserve was whether it needed to continue cutting interest rates to support a labor market that appeared weak at the time. Today, that question no longer exists. **The labor market is stabilizing, while inflation is currently rising slowly rather than falling, influenced by tariffs and the war in Iran.**

The April employment report underscores a shift in the economic outlook. In determining the Federal Reserve's next steps (with a pause in rate hikes now clearly established), **the focus should be entirely on inflation data.**

Hiring conditions have remained stable, the unemployment rate has not risen, and income growth in April was robust—none of which provide grounds for accommodative policy. Given that the labor market gives the Federal Reserve reason to wait, the next phase of the policy debate will focus on when and how to shift to a neutral stance, where the probabilities of rate hikes and cuts are roughly equal. The answer may depend almost entirely on inflation data.

According to a previous article by Wallstreetcn, U.S. non-farm payrolls added 115,000 jobs in April, significantly exceeding expectations and marking the largest two-month growth in two years, while the unemployment rate remained at 4.3%.

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