Just When You Thought It Was Safe
That sound you hear is Janet Yellen furiously rewriting her Monday speech! Â Today's US jobs data was a surprise for many - including the Fed! Â They were just laying the groundwork for rate increase in the net few meetings when job growth stumbled - badly. Â While we had noted the softening trend in US labor data we did not expect this. Â This week's note addresses two critical questions: Â
- Is the slowdown in job growth an anomaly or a sign of a broader trend?Â
- What are the implications for US rates, the dollar and the Fed? Â
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