New Normal NFP, Reluctant Rate Rise — MM #163

We dive into the NFP and analyze what it means for the Fed into December 2018, and with a new governor. We then move to the UK with the dovish hike by Carney and wrap up with a preview of the next week.

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  1. NFP: The hurricane-impacted jobs report of September was followed by a return to the “normal” levels, especially with wages. What does mean for December? It’s hard to move the Fed from raising rates, but 2018 could be different.
  2. BOE: Carney redefined “gradual” by raising rates but signaling only two hikes in three years. Then, why raise rates? What do they want to achieve by hiking? Are they only paying lip-service to the hawks that are worried about inflation?
  3. Preview: A relatively quiet week allows time for digesting the big news from the previous week. We also have rate decisions from Australia and New Zealand and US consumer confidence.

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