The market is going to be doing some soul searching this week about how likely it is the Fed will have to raise rates above 5% and how long they will stay there. Jerome Powell will have a lot to say about that but it all comes back to the data.

Today's US wages numbers were more-benign than feared with wage growth slowing to 1.0% q/q from 1.3% previously. The expectations component of the consumer confidence report

The result has been a 0.5% rally in the S&P 500 and a turnaround in risk FX like AUD/USD.

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