A Series of Non-Events Alters Fed Rate-Cut Odds
Making bets on the basis of a move in wage inflation numbers from one month to another makes no sense. Also, male resentment and back to Brexit.
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That was the week that was. We received the usual deluge of month-end economic data, had to digest election results in Spain and the U.K. and, usually most important of all, watched a meeting of the Federal Open Market Committee that sets U.S. monetary policy. The week also provided a genuine piece of important news, with the end of President Donald Trump’s plan to nominate Stephen Moore to be a Federal Reserve governor. But this big event in the real world turned out to be non-event for the markets, while a number of typical data non-events triggered momentous market reactions.