Stocks dip after strong jobs report adds fuel to Fed plan to hike interest rates
CBSN
Many U.S. stocks saw price dips Friday — and bond yields were jumping — after a strong jobs report showing a big increase in hiring last month led investors to expect the Federal Reserve to move quickly this year in its plans to raise interest rates to tackle inflation.
Job growth around the U.S. was robust in January with employers adding 467,000 new hires, surprising many economists who had forecast that the COVID-19 wave caused by the Omicron variant would dampen payrolls last month.
"The jobs report blew away expectations across the board," Cliff Hodge, chief investment officer for Cornerstone Wealth, said in an email. "The report is unequivocally good for the economy, but not for markets as the strength in the numbers presents another data point which supports more aggressively hawkish Fed action" against rising inflation.
Days off do not exist for Katie Ledecky. "I swim nine to ten times a week, for two hours at a time," she said. By her own estimate, Ledecky swims up to 70,000 meters – roughly 43 miles – each week, as she gears up for the Paris Olympics next month. And if that isn't enough, after hitting the pool, she hits the weights.
With foothills rising above, Boise, Idaho is a place of beauty. But it's the city's less scenic quarters, dead ends and back alleys that were Robert Martin's home, on and off, for 15 years. On nights when Boise's homeless shelters were full, Martin got sleep wherever he could. "There were times I've slept in garage stairwells, on cement, slept in rock, up under overpasses in the rocks and dirt," he said.