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Fed’s Grip on Markets Thrusts Secondary Wage Data Into Spotlight

  • Everyone is holding their breath for Powell’s next move: FBB
  • Still, only a massive outlier could sway the Fed at this point
The Marriner S. Eccles Federal Reserve building in Washington, DC.

The Marriner S. Eccles Federal Reserve building in Washington, DC.

Photographer: Andrew Harrer/Bloomberg

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Even as reams of corporate earnings pour in, the Federal Reserve and its intentions for interest-rate policy still dominate sentiment on Wall Street.

Take Tuesday, when a report on wages that usually garners scant attention jolted stock futures higher and sent bond yields sliding. The Bureau of Labor Statistics’ employment cost index came in below estimates, headlining virtually every research note on a day when the likes of Exxon Mobil Corp. and Caterpillar Inc. delivered comments on their expectations for the year.