Perhaps the Fed will want to 'wait and see' as well

Comments from ISM non-manufacturing survey chairman Nieves:

  • July's rate of growth was not sustainable
  • Very few respondents mentioned the US election
  • Comments reflect stability in services sector, still see services growth but it's at a much slower rate
  • ISM results corresponds with 1% GDP growth
  • Not a lot of negative comments in the survey

Obviously, it's only one month. But the Fed would be reckless to hike in the hope that it's an aberration.