"US Economy Surges with 353,000 New Jobs in January 2024"

Chicago Fed President Austan Goolsbee described the January job report as "almost breathtaking" on the surface, but cautioned that underlying details were not as strong. He noted a decline in hours worked despite the increase in net new jobs and refrained from speculating on potential interest rate cuts. Goolsbee emphasized the Fed's transparency and data-driven decision-making, addressing concerns about political influence on interest-rate decisions. The stock market finished higher, and the 10-year Treasury yield jumped above 4% following the release of the jobs report.