US Bond Market Week in Review: The Labor Market Isn't As Strong as the Fed Thinks

     Recent labor market news has understandably led the Federal Reserve and various Fed presidents to conclude the job market is strong.  The latest Fed policy statement concluded, “A range of recent indicators, including strong job gains, points to additional strengthening of the labor market.”  In a recent speech, Chicago President Evans observed, “Over the past two years, the unemployment rate has fallen to 5 percent, half its 2009 peak, and job growth has averaged wel

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