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.