Fed Gets New Path to Go Big as Job Openings, Confidence Surprise...
US jobs openings and a consumer confidence gauge both topped forecasts, pointing to strength in household and labor demand that risks sustaining inflationary pressures and raises the prospects for a third straight 75 basis-point interest-rate hike by the Federal Reserve. The Conference Board’s August index of sentiment rose to a three-month high, and the report also showed firmer buying plans for appliances and cars. Job vacancies, meanwhile, unexpectedly increased to 11.2 million in July, close to a record and underscoring persistent tightness in the labor market. One job-market indicator scrutinized by Fed Chair Jerome Powell -- the number of jobs available per unemployed person in the country - rose to about 2 in July. Combined, the figures show rock-solid labor demand and resilient household demand even as US central bankers step harder on the monetary policy brakes. Without a commensurate slowdown in consumer spending and an easing of wage pressure, the Fed’s fight to bring inflat...