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Wall Street edged higher on Friday despite a worse than expected non-farm payrolls report for April, which led several top brokers to push back their calls for the next Fed rate hike to September.
"We think inflation is likely to rise more rapidly than [policymakers at the Fed], leading to a tighter stance of policy than even they assume – our end-2017 forecast for the federal funds rate is a range of 2. 25-2. 5% (versus a median projection of 1. 875% from Fed officials). In support of our view, Friday’s Employment Report suggested wage inflation is picking up steam. " - Capital Economics.
