Fed’s Harker: We see softening in jobs from a very high level

• Jobs market revisions weren’t a surprise
• You can’t just look at revisions, look at jobless claims
• It was all inflation for awhile, now it’s the balance of risks
• Businesses tell us they don’t care if it’s 25 or 50 bps, they want it to be methodical and get to neutral
• Shelter is the price input I’m worrying about
• Developers are sitting on projects until they get some sense of where rates will be

Harker has been doing the rounds today. He retires next year but is usually a good barometer of the core of the FOMC.

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