QOTD: Bank of Tokyo on June NFP
Today’s Quote of the Day is a classic, emphasis mine:
QE tapering is locked and loaded for the September Fed meeting after this morning’s number. The cut from $85 billion may be less than you think, but the first cut is coming even if it’s not the deepest. Why? The jobs picture is a little better. The Fed Chairman is focused on payroll jobs averaging close to 200K over a six-month period. Before today, the three-month average was slower at 155K, but now with the revisions and all,
the latest three month average is 196K. 199 April, 195 May, 195 June, it’s so darn consistent it almost looks like they are making it up. – Chris Rupkey, Bank of Tokyo-Mitsubishi
Economists React: Good Enough for the Fed to Pull Back (MoneyBeat)
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