, Columnist
The U.S. Jobs Report Is Almost Too Good
The largest economy charges ahead while the rest of the world stumbles. That disconnect is dangerous.
It’s a good problem for Jerome Powell to have. But it’s still a problem.
Photographer: Andrew Harrer/Bloomberg
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How much insurance should the Federal Reserve buy?
Almost a decade into the economic expansion, the U.S. jobs machine keeps humming along. Inflation is back to target, but showing no sign of the spurt that might theoretically come with a jobless rate of 3.7 percent and yet another month of 200,000-plus new jobs. The unemployment rate is almost a full percentage point below the 4.5 percent that the Fed judges sustainable over the long run.