Jeff Rosenberg, a portfolio manager at BlackRock, stated that the U.S. August employment growth significantly exceeded expectations, making the upcoming consumer price index (CPI) data even more critical. Federal Reserve policymakers are weighing the data as they consider whether to raise interest rates at the September meeting.
Rosenberg noted that the jobs numbers "confirm to some extent what we knew about the labor market and shift the focus and pressure back to inflation." He emphasized that the key question is whether inflation is rising or not declining fast enough, which will determine if the Fed hikes in September. If the CPI report due on September 11 shows continued improvement, he believes the Fed will hold rates steady.
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