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US VIEW: NatWest strategist Blake Gwinn noted that in Fed Chr Yellen's opening
statement at Wed final news conf as Fed Chr, she "flagged" an FOMC statement
change to say "stance of monetary policy remains accommodative, thereby
supporting strong labor mkt conditions."
- Yellen said the change "highlights" FOMC expects "labor mkt to remain strong,
with sustained job creation, ample opportunities for workers and rising wages.
We anticipate some further strengthening in labor market conditions in the
months ahead. However,
we expect the pace of job gains to moderate over time, as we gradually reduce
the degree of monetary policy accommodation."