U.S. Jobs Report, Supply-Side Economics, Fed Nominees: Eco Day

(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.

Welcome to Friday, Americas. Here's the latest news and analysis from Bloomberg Economics to help you start the day:

This morning's payrolls report is a bit of a head-scratcher for economists
- The high levels of omicron during the survey period, the annual benchmark revisions by the Bureau of Labor Statistics and some doubts over the accuracy of seasonal adjustments in the tight labor market means forecasts for the number range from a 400,000 decline to a 250,000 increase
- The unemployment rate is expected to hold at 3.9%
- For traders it is difficult to see that any number would have a huge impact as the Federal Reserve is committed to tightening already and any surprise could be explained away by the short-term factors outlined above
- The report, as weak as it may look, most likely will not derail Fed rates liftoff in March, according to Bloomberg Economics
- Canada also publishes its January jobs report
President Joe Biden is rebranding Ronald Reagan's supply-side economics to save his agenda
Two of Biden's nominees to the Fed could face a tough battle for confirmation after Republicans questioned their commitment to price stability and to keeping the Fed away from climate rules
- Fed nominees all show a commitment to fighting inflation in accordance with central bank's mandates, says Bloomberg Economics
- Chile's outgoing President Sebastian Pinera tapped Rosanna Costa as the nation's first female central bank chief, putting her in charge of policy makers' aggressive campaign against inflation
- Economists say Biden's planned sanctions if Russia invades Ukraine may not be as bad as some fear
- European Central Bank President Christine Lagarde's hawkish pivot yesterday has prompted economists to review their playbooks for euro-area monetary policy in 2022
- Slow progress on a plan to help poorer countries restructure their debts is spurring concern, as a $35 billion bill comes due and U.S. interest-rate increases loom
- Finally, here's a look at all the central banks that hiked rates this week