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USA

Fast Comment US — Stellar employment but wage growth declines

  1. Payrolls increased 313,000 in February - markedly above expectations
  2. Unemployment rate was unchanged at 4.1 percent due to an increase in the participation rate
  3. Wage growth declined from 2.8 percent to 2.6 percent, which will take the edge off rate hike fears and support equity markets

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment US — Fed Chairman Powell strikes a bullish tone on the economy

  1. Powell says rates can continue to rise gradually
  2. Outlook for growth remains strong, aided by fiscal policy and firmer global demand
  3. March rate increase appears to be 'a done deal'; risk of four increases this year is increasing

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment US — CPI data keep inflation jitters alive

  1. Core CPI surprised on the upside with an increase of 0.3% m-o-m; consensus: 0.2% m-o-m
  2. Keeps the possibility of more aggressive Fed tightening alive
  3. Expect USD and yields to rise and stocks to fall

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment US — Highest wage growth since 2009

  1. Stronger job growth trend
  2. Unemployment unchanged but…
  3. Watch the wage growth

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

Fast Comment US — Fed leaves rates on hold, door open for March hike

  1. Fed leaves rates on hold as expected
  2. Minor tweaks to press statement - door open for March hike
  3. Further upside to market rates

Claes Måhlén, Chief Strategist | clma02@handelsbanken.se

Fast Comment US — Government shutdown still unresolved

  1. Efforts to end government shutdown continue
  2. Economic impact of short-lived shutdown should be limited
  3. Larger, more serious issues loom

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk