FOMC, waning confidence, and weak wage growth push back rate rise expectations

Week ending Friday 3rd February 2017 We have argued that it is quite likely there will be just one rate rise in 2017, right at the back of the year just like in 2015 and 2016. Events this week did nothing to shake that view. The FOMC was less hawkish than feared, surveys appeared to peak or even wane when the Trump confidence bounce and wage growth most definitely disappointed. Payroll Friday Fascinating reaction to the payroll numbers on Friday in the US. Jobs growth was stronger than expected but since it´s a heavily revised number, it is not taken…

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