Now good news is not good news. Good news is bad news, because everybody believes that the Federal Reserve is going to raise rates now in June based on this number (Employment Report). And I think one of the reasons the markets had been rising recently was because more people were coming to my way of thinking of least about the June rate hike, thinking that they were off the table. Because the economic data had been so bad that people were thinking, the Federal Reserve is going to wait. But now that they have got this jobs data, everybody is convinced that they are going to move in June. I do not know why. There is nothing about this data that should change the Fed`s mind. This is just the same type of jobs number we have been getting all year long. If the Federal Reserve was not about to raise rates on the January number, which clearly was not based on Yellen`s most recent testimony, why should they raise it now? There is nothing remarkable about this number.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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- Monetary Policy: It Will Backfire
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