Bloomberg Talks Federal Reserve Governor Christopher Waller Talks Labor Market, Fed Chair
Jul 18, 2025
Christopher Waller, Federal Reserve Governor, shares his insights into the current labor market, asserting that the private sector is struggling more than perceived. He discusses the necessity of lowering borrowing costs before the job market worsens. Waller also dives into the complexities of monetary policy, inflation influenced by tariffs, and the importance of dissenting opinions in decision-making. Plus, he hints at his potential future role as Fed Chair, sparking curiosity about leadership in challenging economic times.
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Labor Market Fragility Exposed
- The headline labor market numbers look okay, but private sector data shows weakness beneath the surface.
- Half of recent employment growth came from the public sector, signaling fragile private sector demand.
CEO Hiring Hold Pattern Revealed
- CEOs report a hiring freeze, neither aggressively hiring nor firing, reflecting economic uncertainty.
- This labor market 'hold pattern' could easily tip into deterioration without strong data support.
Immigration's Limited Labor Impact
- Tighter immigration may not raise unemployment as new workers join and leave at similar rates.
- High unemployment for new graduates suggests immigration is not the primary labor market issue; firms are cautious on hiring.