ADP Research Institute: U.S. Added 190,000 Jobs in Nov.

The transcript discusses market estimates and predictions for 2018, focusing on inflation and its impact on bond markets. It highlights the expected disappointment in inflation rates and the role of balance sheet normalization in tightening financial conditions. The discussion also covers the interaction between the Federal Reserve and the yield curve, questioning how far the Fed will allow financial conditions to tighten and its implications for interest rates.

What are the potential surprises to the consensus outlook for 2019 as discussed in the text?

What is the expected inflation rate by the end of the year according to the speaker?

How does the speaker believe the bond markets will react to inflation in 2018?

What is the significance of balance sheet normalization mentioned in the text?

What does the speaker suggest about the Fed's approach to tightening financial conditions?