And SMRA's Ray Stone said that for....>

US DATA REACT: And SMRA's Ray Stone said that for the FOMC, the July jobs data

"are more of the same, a continuation of growth that seems to be above that

consistent potential GDP, with an unemployment rate that continues to test the

Phillips Curve. In other words, the unemployment rate would typically be

associated with faster wage growth than has been apparent to date."

- He said that "for now, the Committee will likely debate whether the Phillips

Curve has simply flattened out, diminishing the sensitivity of wages to low

unemployment, or whether the lags between the tightening labor market and wages

are just maybe a little longer than what we have seen in the past. In any event,

the FOMC is not likely to hike rates immediately ahead, and will continue to

monitor both inflation and labor market conditions."