Playing the Fed's Pledge
I'm not going to dive much into the jobs report, except to say that I did expect weakness in August given than July's numbers looked fishy to me.
I've also gone on record as saying that this month's employment report would have little influence over the QE3 debate. So, I don't have much to add here. The odds of QE in September have gone up mildly, in my view, but I still think it is more likely for either December or January. Some believe the Fed will hold off because they don't want to be seen as influencing the election, which I don't believe for a second. Rather, I think they will try extending their low-rate pledge during the September meeting, give that a few months to see what impact it has, and then enact QE....338 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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