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- The Fed likely will want to take out further insurance, beyond faster tapering, against upside inflation risk.
- Restoring 2% inflation requires supply chains to ease, wage gains to slow, and productivity growth to rise.
- Individually, these are all much better than 50/50 shots but the Fed needs them all.
- Job growth has strengthened from the summer lows, but seems not yet to be back to the pre-Delta pace.
- Participation is the key variable for the Fed; it has to rise, soon, in order to constrain wage gains.
- Hourly earnings growth in November likely was limit- ed by a calendar quirk; expect stronger in December.
- We now look for a 550K headline payroll print tomor- row, in the wake of the disappointing ADP report.
- The ISM manufacturing survey confirms that supply-chain pressures are easing, albeit slowly.
- Jobless claims likely rebounded strongly in Thanks- giving week as a huge seasonal quirk reversed.
- ADP's November employment number likely will be boosted by the fading drag from the Delta variant.
- Chair Powell has retired "transitory", and kicked open the door to faster tapering, Omicron permitting.
- The November ISM likely will signal a modest easing in supply pressures; auto sales up again?
- Most of the variation in GDP growth since Covid has been due to wild swings in domestic demand...
- ...But net foreign trade looks set to make a meaningful contribution in Q4, alongside strong consumption.
- The continued increase in core capital goods orders signals faster future productivity growth.
- Covid cases are rising in states with low vax rates, waning vax efficacy, and low prior infections...
- ...Colder weather likely is boosting infections in the northern half of the country; expect NE cases to soar.
- New treatment and vaccine protection against severe disease will keep hospitalizations and deaths down.
- The Fed wants to reach maximum employment be- fore raising rates; it's still a long way off...
- ...Fully recovering the ground lost during Covid likely will take almost a year.
- The November Philly Fed likely will add to evidence suggesting peak supply chain pressure has passed.
- Core retail sales are rising at a solid pace; a strong holiday season is a decent bet...
- ...But a sustained rebound in spending on services is still the missing link in the recovery story.
- Mortgage demand continues to rise steadily; home sales and housing construction follow.
- The initial Homebase jobs data for the November payroll survey week look disconcertingly soft...
- ...But the data always are revised up, and the revisions are consistent; we look for 800K private jobs.
- October retail sales and industrial production num- bers today likely will confirm a solid start to Q4.
- If the Fed's transitory view is to be proved correct, wage growth has to slow, so participation has to rise.
- Productivity growth has to rise too, and global supply chain pressures have to fade.
- These are all reasonable bets, but nothing is certain, and inflation will rise much further in the near-term.
- October's leap in the core CPI will be followed by a run of further hefty increases...
- ...Core inflation is likely to blast through 6% early next year, posing a serious challenge to the Fed.
- Chair Powell wants to stick to "transitory", but he needs to see labor participation surging, and fast.
- Small businesses' sentiment has been hit hard by Delta; is a rebound now underway?
- The NFIB signals continued labor market tightness but suggests inflation will fall next year.
- Brace for upside risk in the October PPI; the September plunge in airline fares was a one-time event.
- Momentum is building in payrolls; the next few months should see 1M-plus gains.
- Substantially faster payroll growth requires a clear increase in participation; that's a decent bet.
- A rebalancing of labor demand and supply would reduce the upward pressure on wage growth.
- A combination of Homebase and ADP signals a 525K payroll print for October...
- ...The rebound in activity as Delta cases fell came too late to drive a bigger gain; November will be better.
- Rapid wage gains likely continued last month, but the real test will come when participation rebounds.
- Chair Powell is sticking to "transitory", though it will take longer for inflation to fall than previously hoped.
- The Fed still is not talking about higher rates, but tapering could be accelerated if necessary.
- Productivity likely dropped sharply in Q3, but it will rebound in Q4 and the outlook is very favorable.
- The tapering announcement today is a done deal; what Chair Powell says about inflation matters more.
- Expect a defense of the transitory arguments, but with a warning of hefty near-term upside risk.
- Homebase data point to a third straight disappointing payroll print, thanks to the Delta Covid wave.
- The drop in Covid cases has stalled, thanks to a few western states; the downturn should resume soon.
- Manufacturing orders wobbling as supply chain pressures bite harder; no relief yet in sight.
- New auto sales might finally have hit bottom, or not; forecasts for October are all over the map.
- The Fed faces serious challenges to the "transitory" story over the next few months...
- ...On top of surging wages, the core CPI is set to surge, and economic growth is likely to rebound.
- With the Fed set to taper, just as issuance rebounds after the debt ceiling is fixed, expect yields to jump.
- Employment costs likely accelerated in the third quarter, but are they rising dangerously fast...
- ...Or will faster wage gains be offset by stronger pro- ductivity growth, as in the late nineties?
- The softness of third quarter GDP growth has nothing to say about the fourth; expect a rebound.
- GDP growth likely slowed to just 23⁄4%, constrained by temporarily stalled consumption.
- If growth is far from the consensus, 2.6%, look first at the inventory component, which is a wild card.
- GDP remains below the level implied by the pre-Covid trend, but the gap will close by next spring.