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Atlanta Fed president Raphael Bostic; Photo: Elijah Nouvelage, Bloomberg via Getty Images

Federal Reserve officials say Friday’s blockbuster jobs report supports the case for tapering supportive monetary policy relatively soon.

Why it matters: With the economy progressing, everyone wants to know when the Fed will taper its quantitative easing program and eventually start hiking interest rates.

What they’re saying: Atlanta Fed president Raphael Bostic told reporters on Monday that the jobs report was "definitely quite encouraging."

  • He said he thinks the Fed could begin tapering QE sometime in the "October-to-December range," but added he would be "open to moving it forward" depending on the strength of upcoming jobs data.
  • At another event, Richmond Fed president Thomas Barkin said there was "still more room to run in the labor market."
  • But Barkin, as well as Bostic, believes that inflation is at a level that meets the requirement for tapering QE.
  • Bostic and Barkin are both voting members of the Fed’s FOMC policy-setting committee.

Meanwhile, Boston Fed president Eric Rosengren — who is not a voting member of the FOMC — took on a slightly more hawkish tone, telling the Associated Press that the economic data already supports the Fed announcing in September that it would start tapering QE "sometime this fall."

What to watch: The August jobs report will be released on Sept. 3. Another robust report could tilt more FOMC members toward announcing the taper sooner. But it remains to be seen how the spike in COVID cases is affecting hiring.

The bottom line: The economy has indeed made a ton of progress on the labor market front, and the inflation data has been trending above the Fed’s 2% average target. Whether it’s in September, October, November or a little later, most seem to agree that the trajectory of the economy supports a tapering announcement in the next few months.

Go deeper

Changing the inflation conversation

Illustration: Annelise Capossela/Axios

Inflation looks like it’ll run hot for longer than plenty of smart people thought it would. The conversation over just how much more Americans will have to pay for their stuff has taken on a new intensity, as supply problems show few signs of fading.

Why it matters: The rate of price growth has remained consistently strong in recent months — a time that some thought would bring cooling prices after an initial reopening spike. What goes on with prices will influence the decisions made by Congress, the Biden Administration, and the Federal Reserve.

Biden rejects Trump's latest executive privilege claims

Photo: Jim Watson and Saul Loeb/AFP via Getty Images

The White House on Monday rejected two more of former President Trump's claims of executive privilege over documents that the House select committee investigating the Jan. 6 Capitol riot requested, CNN first reported.

Why it matters: Trump's legal team is seeking to block some of the panel's requests for records by invoking executive privilege, which can allow presidents and their aides to sidestep congressional scrutiny. The Biden administration has maintained that it will evaluate on a case-by-case basis.

Amazon warehouse workers in New York file petition to hold unionization vote

Amazon workers and their supporters rally outside the National Labor Relations Board's regional office in Brooklyn, New York City, after filing a petition requesting an election to form a union. Photo: Gabby Jones/Bloomberg via Getty Images

Amazon warehouse workers in New York City filed a petition on Monday with the National Labor Relations Board (NLRB) to hold a vote on unionization.

Why it matters: The move comes six months after an organizing effort was defeated at Amazon's distribution center in Alabama.