TIMIRAOS says ahead of the Sep 15-16 FOMC meeting Fed officials have signaled
inflation data will be the decisive factor for any rate move. He adds a strong
August payrolls print does not change that framework but removes one obstacle to
tightening: if August had continued July’s payroll contraction, the case against
hikes would have been stronger. Friday’s report reversed July’s decline and
pushed six-month average hiring to its highest in over two years, eliminating
that counterargument.
