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Traders Confront Wave Of Crucial Data Ahead Of US Holiday
It's a data-heavy week in the US, where a whirlwind of indicators are expected to show the world's largest economy is resilient despite a year and a half of aggressive rate hikes from the Fed.
August payrolls is obviously the marquee report. Consensus expects 170,000 from the NFP headline.
If borne out, that'd mark a continuation of what it's fair to call a welcome trend of smaller headline job gains. The Fed desperately needs the labor market to soften, and it seemingly has -- at the margins
I know it’s been said by others but I’m surprised we’re surprised anymore. The inevitable conclusion seems to be that unless something unexpected/miraculous happens, the Fed will be forced to talk tough while intentionally underplaying their hand here and let inflation run hot to help clean up the balance sheet.
What’s a decade of “slightly above average” inflation between friends?