Economists had forecast 200,000 nonfarm payrolls in February, according to a Bloomberg survey. They raised their forecasts Thursday after a report by the payrolls-processing giant ADP showed the private sector added 298,000 jobs in February, many more than expected.
After pumping-up the economy with near-zero interest rates for the entire Obama presidency, we here at CHQ have expected that Obama’s Federal Reserve would not be friendly to Donald Trump’s plans for an economic growth agenda. And the numbers appear to bear us out.
After eight years of doing everything possible to prop-up Obama’s failed economic policies the Fed has now gotten religion and decided to implement a policy to keep employment growth neutral and slow wage growth at a time when working Americans haven’t had a real pay increase in a decade.
Rand Paul slammed the Fed: "Congress was intended to have oversight over the Fed and we've lost that oversight so independence has led to abuse. The investigator general said 'We don't have the jurisdiction to directly audit the reserve bank.'"
Ted Cruz supports Rand Paul's Ccalls for holding up the vote on Obama's nomination of Janet Yellen to head the Federal Reserve.
Economics has moved beyond Keynes, but the Obama administration’s Fed nominee hasn’t.