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Episode 20: For the Fed, the Devil is in the Data; Agency MBS Update

Guggenheim Macro Markets

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What's the Difference Between Deflation and Disinflation?

The strong July jobs report was a surprise given signs of slowing economic momentum elsewhere in the data. Average hourly earnings or wage growth accelerate to 5.8% annualized, reversing what had looked to be some cooling off in wage pressures. We saw the overall labor force participation rate fall again in July and probably even more concerning the prime age participation rate that's gone nowhere over the last few months.

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