More, and more, and more, from San Francisco Fed President John Williams

  • Decline in broader measures of unemployment in September jobs report was 'positive'
  • Wage data in monthly jobs report is not that informative
  • Saw nothing in September jobs report that undercuts narrative of strengthening labor market
  • Surprised that people thought September jobs report was 'dismal'
  • If hit in future by a shock, fed could consider negative rates, QE, forward guidance
  • Has been a disappointment that we haven't seen wage growth
  • To me the decision in September was a close call; fed vote of 9-1 reflects consensus orientation
  • Recent evidence on China should take away some concerns it will have a hard landing

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Is it just me or does a 9-1 vote not sound like a 'close call' at all? If my footy team lost 9-1 I might call it 'close' I suppose. It would depend on how sentimental I was feeling at the time I guess.

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ps. Earlier comments from Willaims today: