Along with finally officially killing the TPP, President Trump trademark “you’re fired!” was enacted into reality as an executive order overnight, “freezing” Federal job hires (of course, exempting the military-industrial complex from any such fiscal tightening), which creates a small, but discernable problem for the Fed and NFP (non-farm payroll) watchers.
As John Hussman, via Forexlive states the facts:
Barring a drop in separations, executive order to freeze Federal hiring will reduce U.S. payrolls by ~ 40,000 monthly. Just data. JOLTS: pic.twitter.com/DzH1FgPdk6
— John P. Hussman (@hussmanjp) January 23, 2017
That could take a big chunk out of what has been some less than impressive NFP headline numbers:
source: tradingeconomics.com
This takes the pressure off the Federal Reserve with its interest rate rise agenda, with the USD selling off again last night, alleviating wage pressures as well – albeit temporarily until the Trump/Republican rearmament program with a side order of infrastructure spending gets underway.