Eric Winograd, senior economist at Alliance Bernstein, wrote that the Fed needs to make progress on inflation and "some softness" in the job market before it can cut rates again, which could take several months. A rate hike is unlikely, as there is no sign of inflation picking up again. Winograd said the three-month moving average increase in payrolls was unchanged from November, in addition to strong headline data. The unemployment rate edged down to 4.1 percent from 4.2 percent, and "has been between 4.0 and 4.2 percent for the past seven months," Winograd argued. "There is no reason to expect anything other than the soft landing we are currently enjoying."