KOTOK: Today's Jobs Report Does Absolutely Nothing For The Fed 'Tapering' Debate

This jobs report clarified nothing-everything-added confusion to the debate.  You may pick your preferred poison.

There is a little more suggested weakening in manufacturing and some negative tone in hospitality.

Essentially, we continue the slow growth, modest recovery trend.  It is not enough to change Fed policy or accelerate tapering.   It is not enough to delay a Fed policy change.

On balance, we would call today’s report right in the middle of the pack.

We remain fully invested and our bias is for a prolonged period of these very low interest rates.  In our bond accounts we will be opportunistic.  John Mousseau will be publishing on the muni market shortly.

We also see the market reaction to Japan as an over reaction in extreme.  We believe the yen will be weaker and Japanese stocks higher.  And we believe the “carry trade” related to the yen will continue and expand.

More later.

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