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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US OUTLOOK/OPINION
ING's slightly more hawkish Fed view than consensus was bolstered by today's nonfarm payrolls report.
- Apart from the headline jobs gains, they point to the rise in wages (+0.4% M/M earnings, 0.1pp higher than expected): "With more people in work and at higher rates of pay this means the outlook for household incomes is very positive, which should help to keep household spending motoring along."
- While there remains "some way to go before the labor market has fully healed", " the slower pace of the jobs recovery remains a supply side issue, not a demand side problem", and ING "are of the view that labor supply will only improve gradually. "
- Next week's CPI release will be in focus: "With consumer price inflation possibly hitting a new high next week, rising employee costs could be a key factor to watch that will mean inflation stays higher for even longer. As such we continue to see the risks skewed towards earlier Federal Reserve stimulus withdrawal with a QE tapering announcement before year end and the first interest rate hikes coming next year."
Source: ING
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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