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Macro Musings: A Fed-vindicating jobs report

The Federal Reserve’s commitment to keep rates at rock bottom levels for the foreseeable future was vindicated by an underwhelming jobs report. Indeed, the downside miss of the consensus forecast for April’s payroll gain was one of the largest on record. The shortfall also shored up the case for Biden’s expansive fiscal plans, lessening fears that the economy is on the verge of overheating.

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