Of course it's great for inflation. But, really, the market doesn't care about the numbers because they're not the payrolls report.
More Quotes from Drew Matus:
With this kind of income growth, the consumer has room to run. This tells us we don't need to worry about the first quarter.Drew Matus
His speeches are well thought out. After Greenspan, he's the one whose comments are most closely watched by the markets.
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The labor market is hot and getting hotter, and that is one of the reasons the Fed continues to raise rates.
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The current focus going into the employment report this week has much more to do with habit than anything based in reality.
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The market liked what it didn't see. The market got itself worked up about the Fed possibly being more aggressive about inflation and when that didn't appear in the minutes, investors then focused on a relatively benign view of inflation.
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It's the inflation story, it's there and it's got implications going forward.
Drew Matus
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