- Worst may be nehind labor market, long way to go
- Recovery may be well advanced before significant reduction in unemployment
- It would be wrong to aim monetary policy for pre-recession employment levels
- Premature to assume a reversal of Fed’s accommodating policy
- Not appropriate to link “extended period” to any specific time frame
Bottom line: Strong payrolls or not this Friday, the Fed’s in no hurry to hike. That’s good for risky assets, if the market reverts to full-fledged carry trade mode.