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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.
FED
The more you go through November's employment report, the more regret Fed Chair Powell will have sounding increasingly relaxed about the outlook on Wednesday, while pinning hopes of a hiking pullback largely to the labor market.
- He cited a 100k job gain pace as compatible with hitting the inflation target; that services wages were the biggest piece of the core inflation puzzle; and in turn saw the average hourly earnings of recent months as too high.
- Instead we got another headline beat on jobs created, well above 100k; accelerating AHE, and no relief on participation (down another 0.1pp to 62.1%). The unemployment rate actually ticked marginally lower (by 0.03pp) by our calculations. So no relief on the supply side.
- Yes it's only one report, and the household drop of 138k (2nd straight month of declines) mitigates the headline beat. But between this month and the very strong earnings revisions, the hawkish implications are clear for the Dec FOMC messaging, barring a very soft CPI report in two weeks.
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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