MNI BRIEF: Fed Review Must Incorporate Many Scenarios - Kugler

MNI BRIEF: Fed's Kugler Says Makes Sense To Hold For Some Time

MNI BRIEF: Job On Inflation Not Done, Care Needed - BOE Pill

MNI BRIEF: Mexico Inflation Down To 3.59% In January

MNI BRIEF: Tariffs Force CBRT To Hike 2025 Inflation Forecast

MNI China Daily Summary: Friday, February 7

MNI: US DEC CONSUMER CREDIT +$40.8B

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 480; GAS RIGS 100

BAKER HUGHES CANADA RIG COUNT 249; OIL RIGS 177; GAS RIGS 72

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI US Macro Weekly: Solid Labor Market To Keep Fed Patient

This week brought more constructive readings on the labor market front.
USCentral Bank NewsHomepageFederal ReserveMarketsStoryNorth America

Executive Summary:

  • This week brought more constructive readings on the labor market front, with the January employment report showing strong payrolls growth in recent months, a somewhat less negative benchmark revision than anticipated, and a surprise drop in the unemployment rate.
  • Solid productivity growth is keeping the labor market from becoming a source of inflationary pressure.
  • The NFP report helped extend a firm reversal from mid-week highs for rates seen after the softer than expected ISM services print, shifting from 50bp of cuts for 2025 to 37bp as of Friday afternoon.
  • Signs of tariff anticipation continued to be seen in manufacturing sentiment and trade data.
  • Fed commentary evidenced no rush for cutting rates, whilst the semi-annual Monetary Policy Report, which will form a backbone to Powell’s Congressional appearances next week, saw financial conditions as “somewhat restrictive”.
  • In his first public interviews since assuming office, Treasury Secretary Bessent said he didn’t foresee any changes in bond issuance for the foreseeable future, and expressed optimism that “as it becomes apparent that the President's agenda is working, we will see a great deal of non-inflationary growth.”
  • US CPI also lands on Wednesday, in a complicated report that will also see annual revisions and new weights released simultaneously. Last year saw revisions and weights released the Friday prior.
  • Note PPI on Thursday as well, also with annual revisions, after Chicago Fed Pres Goolsbee has hinted that it could gain importance for Fed watchers amidst a more prominent tariffs backdrop.


PLEASE FIND THE FULL REPORT HERE: 

Keep reading...Show less
245 words

To read the full story

Close

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.

Executive Summary:

  • This week brought more constructive readings on the labor market front, with the January employment report showing strong payrolls growth in recent months, a somewhat less negative benchmark revision than anticipated, and a surprise drop in the unemployment rate.
  • Solid productivity growth is keeping the labor market from becoming a source of inflationary pressure.
  • The NFP report helped extend a firm reversal from mid-week highs for rates seen after the softer than expected ISM services print, shifting from 50bp of cuts for 2025 to 37bp as of Friday afternoon.
  • Signs of tariff anticipation continued to be seen in manufacturing sentiment and trade data.
  • Fed commentary evidenced no rush for cutting rates, whilst the semi-annual Monetary Policy Report, which will form a backbone to Powell’s Congressional appearances next week, saw financial conditions as “somewhat restrictive”.
  • In his first public interviews since assuming office, Treasury Secretary Bessent said he didn’t foresee any changes in bond issuance for the foreseeable future, and expressed optimism that “as it becomes apparent that the President's agenda is working, we will see a great deal of non-inflationary growth.”
  • US CPI also lands on Wednesday, in a complicated report that will also see annual revisions and new weights released simultaneously. Last year saw revisions and weights released the Friday prior.
  • Note PPI on Thursday as well, also with annual revisions, after Chicago Fed Pres Goolsbee has hinted that it could gain importance for Fed watchers amidst a more prominent tariffs backdrop.


PLEASE FIND THE FULL REPORT HERE: 

Keep reading...Show less