Fed's Goolsbee: The July non-farm payrolls report is pretty much what we expect

<ul><li>Jobs market cooling a bit but still extremely strong</li><li>Goods inflation has been tough to bring down</li><li>Highlights improvements in US productivity as disinflationary</li><li>Fed has to be patient, monetary policy has lags</li><li>Question should be: How long are we going to stay at these levels, not about when the next hike will be</li><li>Holding rates at these levels is increasing restriction</li><li>We have been getting promising numbers on inflation</li></ul><p>Between Goolsbee and Bostic there isn't much angst about the higher wage number today but that's not a big surprise given their dovish leanings.</p>

This article was written by Adam Button at www.forexlive.com.