January jobs numbers confound Fed’s strategy

January’s strong jobs report could make the Fed’s job harder. President Biden took a victory lap after the government reported 517-thousand new jobs last month and a 3-point-4 percent unemployment rate. But the latest numbers could cause headaches at the nation’s central bank. The Fed has been raising interest rates in hopes of slowing hiring and taming inflation. January’s report surprised analysts because wage growth eased a bit, even as inflation shows signs of cooling.