US: ECI is goods new for the FOMC but more will be needed – Wells Fargo – by MSalordFX Employment UnitedStates Inflation Banks Fed
The Employment Cost Index report released on Tuesday had an unusual impact across financial markets, with the US Dollar weakening after the numbers. Analysts at Well Fargo point out that the figures are one more in the list of inflation readings over which the Federal Reserve is breathing a little easier. They point out that while the report further supports inflation moving back toward the 2% target, labor cost growth remains too strong to be consistent with it staying there for the long haul.
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