WSJ Fedwatcher Jon Hilsenrath is out with his latest view of the FOMC following today’s jobs report.
Like most market watchers, he’s encouraged by the pickup in jobs but troubled by falling wages.
A first step towards raising rates would be the removal of the word patience from the policy statement. But the bar looks high to such a step at the January 27-28 gathering, given the wage decline and a high level of global economic uncertainty marked by tumbling oil prices, weak growth overseas, puzzling declines in long-term bond yields and a strengthening dollar.
