The US jobs report was quite good with a significant rise in wages, m/m, and y/y. Is this the beginning of something good or perhaps yet another one-off? We discuss this and continue to the wider markets, with volatility being on the rise in many financial markets.
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Pay rise or a nothing-burger?: We discuss our different opinions about the meaning of the wage numbers and get into the details. This is critical for the next moves of the Fed, beyond the rate hike in March. Will they accelerate the tightening cycle?
Higher volatility: Stocks, bonds, gold, and even bitcoin are selling off, all at once. This is accompanied by higher volatility. We examine the various aspects of financial markets amid this action that was so missing in 2017. What is the role of the Fed in this?
Preview: The focus temporarily shifts away from the US to other places: 3 rate decision, 2 jobs reports, and potential political action provide action all over.