Boston Fed: Weak Jobs Report Won’t Stop Interest Rate Hike

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A weak jobs report had far-reaching effects for commodities and metals this morning.

Fed Still Wants to Increase Interest Rates

Eric Rosengren still expects the Federal Reserve to raise interest rates this year despite what the head of the Boston Federal Reserve Bank called a “weak” September jobs report, which could signal a more significant economic slowdown that delays the policy tightening.

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In a Reuters interview, Rosengren said the slowdown in hiring last month effectively heightens his sensitivity to the economy’s performance the rest of the year.

Precious Metals, Stocks Jump

Gold rose on Monday as the dollar weakened after a disappointing US jobs report.

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Spot gold, was up 0.2% at $1,139.81 an ounce by 1333 GMT, having been lower earlier.

The metal had gained 2.2% on Friday, its biggest one-day rise since Jan. 15, after data showed US employers slammed the brakes on hiring over the last two months. Non-farm payrolls rose by only 142,000 last month, below economists’ expectations of 203,000.

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