Bloomberg Surveillance US Payrolls Rise Below Forecast
9 snips
Jan 9, 2026 
Claudia Sahm, Chief Economist at New Century Advisors, discusses disappointing US job numbers and the implications of potential Fed rate cuts. Christina Campmany from Invesco highlights global fixed income opportunities, pushing for a broader investment approach beyond U.S. borders. Carl Weinberg emphasizes the risks of full employment on GDP growth and the looming threat of inflation from tight labor markets. Lisa Mateo shares intriguing headlines, including the buzz around wearable health technology and the preservation debate of Jimmy Buffett's recording studio.
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Let Policy Lags Work Through
- The Fed front-loaded rate cuts last year and must wait to see their effects before easing further.
- Claudia Sahm suggests the Fed will carefully assess incoming data rather than rush more cuts in January.
Wage Growth Still Elevated But Stable
- Average hourly earnings rose 3.8% year-on-year, slightly above consensus and still elevated.
- Claudia Sahm sees wage growth moderating gradually and not currently posing a big spillover inflation risk.
Fed Likely To Wait Amid Noisy Data
- Markets expect the Fed to sit on its hands as noisy data muddles the outlook.
- Kristina Campmany thinks the unemployment rate will comfort the Fed and delay decisive action until a new chair appears.