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JPM's Michael Feroli adds that "while of....>

US VIEW
US VIEW: JPM's Michael Feroli adds that "while of course everyone at the Fed is
data dependent, this (inflation gain) criteria for a hike later this year
sounded stronger than others, who merely needed their outlook to be "broadly
unchanged" in order to support another hike. Read in one way, this would seem to
place a lot of weight on this Friday's September CPI, as well as the October
(and maybe even November) CPI prints."
- He said that "a looser interpretation would also incorporate activity data
that would increase confidence in the inflation outlook. In this latter reading,
last Friday's decline in the unemployment rate and acceleration in average
hourly earnings may also have been confidence-boosting outcomes. (We continue to
look for a hike at the December meeting)."

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