MT warned of complacency over low yields, but now there’s no need to get excited about high yields - reaction to US employment data
While many have wondered why wage growth hasn’t improved, given US unemployment levels, I have consistently stressed the need to look at the details within wage data.
As a reaction to the storms in August, Macro Thoughts warned of a short term stimulus to wage data, (but not a trend), steeper curves and a stronger possibility of an eventual recession...
To maintain the Fed’s independence from political influence, Macro Thoughts would favour ….he has shown he is willing to reassess his economic assumptions and admit his old concepts of the economy were wrong. At one point a few years ago, he may have been one of the most hawkish of FOMC members…With so much movement at the administration and with balance sheet reduction under way…
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