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Fed Labor Market Conditions Crash As Rate-Hike Hopes Soar

Having jawboned rate-hike odds up near cycle record highs (December odds at ~70%), The Federal Reserve's Labor Market Conditions Index (LMCI) is crashing. Following a brief dead cat bounce in July, LMCI is now accelerating lower. Against expectations of a 1.5% rise, LMCI plunged 2.2% in September, and that is from a downwardly revised August drop of -1.3% (from a 0.7% drop).
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