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Not Goldilocks: Jobs Report Misses, Wage Growth Comes In Hot
It was a mixed week for the US economy headed into August payrolls, as the first contractionary ISM manufacturing print in three years (Tuesday) was juxtaposed against solid a solid services PMI and a very good ADP report.
Jerome Powell will speak later in Zurich, and Donald Trump is keen on having his cake and eating it too, where that means the economy holds up, but the White House still gets the rate cuts the administration insists are necessary to turbocharge things ahead of an election yea
“….littered with lamentations…” Good one.
This calls for action by the Fed to do….nothing. But we all know that won’t happen, not with the Twitter in Chief (TIC) Trump drooling for at least a 50bp cut if not more and his lap dog Bullard barking incessantly for a bigger cut. Jeez, what a mess and all created by the TIC.