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MNI US Employment Insight, Dec'22: Heading In The Wrong Direction For Powell

EXECUTIVE SUMMARY

  • 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, pinning hopes of slowing hiking largely to the labor market.
  • There are some less hawkish points but between this month’s net takeaway 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.

FULL REPORT:

USEmploymentReportDec2022.pdf

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