It probably doesn't mean we don't see another rate increase, but it suggests that the Fed is not behind the curve and inflation is not getting out of control.
More Quotes from Gary Thayer:
The big number is the employment number on Friday. If that number comes in weak for the third consecutive month, views on the Fed are likely to change significantly.Gary Thayer
And make no mistake Energy prices are everything these days. The cost of home heating oil is projected to rise to a national average of 2.47 a gallon this winter, a 28.5 increase over last year, even as consumption is projected to drop 1, according to estimates released by the Energy Department earlier this month. Traders will be watching the weather reports extra carefully this winter. The demand for energy has been tempered by high prices, ... but demand could surge again if winter weather turns unusually cold.
Gary Thayer
Inflation is creeping up, but it's not out of hand. I think that's pretty important, ... The bond market may have discounted a worst-case scenario over the last couple of months on inflation, and now maybe traders won't have to worry about the Fed moving too fast.
Gary Thayer
The lower-than-expected number of new jobless claims shows that the labor market is continuing to improve. It suggests that the economy is strong and that companies are feeling more comfortable about hanging on to workers.
Gary Thayer
The employment component was just a tad lower than what we saw in November so it's still a healthy number.
Gary Thayer
It suggests the drag on the economy from the trade deficit in the third quarter will not be as great and could help revise up third-quarter GDP a bit,
Gary Thayer
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