Stuart Hoffman, chief economist at PNC Financial Services Group, discusses the testimony of Federal Reserve Chair Janet Yellen before the United States Senate Banking Committee, saying her comments reassured the stock market. Hoffman speaks with Bloomberg’s Vonnie Quinn on Bloomberg Radio’s "The Hays Advantage.”
Sales of previously owned homes climbed in December for the first time in five months, capping the best year since 2006 and indicating the real-estate market is starting to adjust to higher borrowing costs.
Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh, Michelle Meyer, a senior U.S. economist at Bank of America Merrill Lynch in New York, and John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina, said today’s employment report suggests a long period of labor market weakness lies ahead.
The Federal Reserve is poised this month to start reducing bond purchases aimed at spurring the labor market, economists said, even after a government report showed employers added fewer jobs in August than forecast.