2018 Economic Calendar
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Market Reflections  

February 2, 2018
Average hourly earnings popped higher, to an expansion best 2.9 percent yearly rate which underscored Wednesday's FOMC upgrade for inflation and is raising new concern over Federal Reserve rate hikes. The Dow fell a very steep 2.5 percent on Friday alone, ending at 25,520 and trimming its year-to-date gain to 3.2 percent.

The jobs report was mostly strong throughout with nonfarm payrolls rising 200,000 in January and the unemployment rate holding at a very low 4.1 percent. There is, however, weakness in working hours including factory hours which unexpectedly fell.

Selling was heavy in the bond market on the rate jitters including in the 10-year Treasury which, at 2.84 percent, rose 6 basis points on the day and 18 basis points on the week to 2.84 percent. Friday's rise in yields may have helped the dollar index which, at 89.16, closed sharply higher to reverse a week of selling.

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