Leeway Daily
The Fed gets room, the ECB loses it
US employers added 29,000 jobs in September, about a third of forecasts, and earlier months were revised lower. Lower immigration has made weak payrolls a poor signal on their own. Unemployment rising to 4.2% is harder to dismiss, because it points to real slack. Wage growth slowed to 3.0%. Philip Jefferson and John Williams of the Fed saw no urgency to hike, and markets put late-October hike odds near one in four. Long Treasury yields stayed above 5%, so…More …

















