What the Fed Needs to See in July's Jobs Report

The transcript discusses the resilience of payrolls and consumption within GDP, highlighting the importance of these factors in the real economy. It questions the sustainability of robust consumption and its impact on hiring trends. The significance of payroll reports for the FOMC and market expectations is analyzed, with a focus on employment numbers and rate hike expectations. The discussion also covers the Fed's communication strategies and the importance of data dependence, particularly in relation to employment and wage growth.

What numbers are considered important for the Fed's rate hike expectations?

What does the speaker suggest about the relationship between average hourly earnings and full employment?