Moody's Talks - Inside Economics “Fed” Up with the Jobs Report
Jan 9, 2026
John Hilsenrath, a former Wall Street Journal journalist turned Fed policy advisor, joins to discuss the latest jobs report and its implications. The conversation reveals the labor market's fragility, with Hilsenrath labeling the current job growth as 'anemic'. He raises concerns about Fed independence amidst political pressures and suggests that the Fed's real inflation target may be higher than officially stated. Additionally, they analyze trends in healthcare job growth and the rising unemployment among college graduates, reflecting changing labor dynamics.
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Learning the Fed Beat During Crises
- John Hilsenrath described starting his Fed beat right as Lehman blew up and learning on the job during crises.
- He recalled filing QE stories early and battling editors to publish before markets closed.
Fed Transparency Evolved, Might Recede
- John argued Fed transparency increased post-crisis to enable forward guidance and lower rates over time.
- He warned new leadership may prefer more opaque messaging and less telegraphing of policy.
Payrolls Show Narrow, Weak Job Gains
- Dante DiAntonio summarized payrolls: headline +50,000 with private payrolls weaker and notable downward revisions.
- He said job growth remains weak and centered in healthcare and leisure/hospitality.