Soft August Data Likely Pushes Back Taper; Progressives Take Aim At Powell

The headline from 30,000 feet about Jay Powell’s virtual Jackson Hole speech was that the Significant Further Progress (SFP) criteria had been met for inflation but had not yet been attained in the labor market. Several Fed officials, including Lael Brainerd, had commented they would need to see more employment data and the effect of the Delta variant before moving forward.

The jobs report that came in this morning was, on its face, a huge miss. There was a difference of more than 500,000 ...

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