The Fed got what they wanted today besides the much weaker than expected jobs report.
The Unemployment Rate dropped to 5.1%, largely on the number of people who have been unemployed for so long that they are no longer counted as part of the workforce. Hence the record low 'Labor Participation Rate.'
The Fed is running on its own clock now, and wants to raise rates badly for policy reasons. Stan Lacker alluded to as much today.
And I suspect that unless the wheels fall off the stock markets in the next couple of weeks that is exactly what they will do.
Have a pleasant and long Labor Day weekend.
