Tony Crescenzi
Tony Crescenzi
attention fed intensely jobs situation
The Fed has put the market's attention more intensely on the jobs situation again.
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While the results of the September jobs report are impressive and seem to suggest that the underlying strength in labor demand has been unaffected by recent events, the strength could well reflect the lagged effects of past strength in the economy and the data therefore provide much less guidance about the future than might seem obvious.
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The news coverage on today's jobs data will likely be immense, and this will in a sense pummel the consumer with bad news.
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In light of today's $500 billion wealth loss in the stock market, it is rational to begin thinking about an endgame to the Fed's rate hike phase, ... At the very least, recent developments tell us that the Fed's actions have finally reached a critical breaking point that limits the scope for significant rate hikes going forward.
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The bond market remains quite bearish. The economic news did not change anyone's mind about the Fed raising rates,
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The bidding was quite aggressive. TIPS are well in demand these days.
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The Bank of Japan's feeble 10 basis-point rate cut to 0.15 percent shows the head-in-sand attitude that has led to weak money supply growth and a slow economy.
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The 'new era' economy, wherein strong growth and low inflation have coincided remarkably for several years, appears to be under duress in ways not seen in some time,
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The Fed's beige book contains a little something for both the bull and bear camps but has a marginally negative tone to it,
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The Fed certainly recognizes the importance that the markets are placing on the housing market and could well use it as a means of sending strong signals.
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If oil prices fall, it will help to stimulate economic activity -- the profit outlook will be better and also lower oil would bring down costs, making stocks the better asset class.
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It's an excuse to consolidate recent losses, although it seems highly implausible that federal officials would want to signal their plans, through any channel.
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The minutes appear to show a smaller degree of concern about inflation risks than some may have feared,
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The Fed is hanging onto its long-term view. Some will say this is just excessive optimism.