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In a blockbuster week for labor market data, the FOMC slowed the pace of rate hikes further but kept trying to talk tough about the outlook for rates. Equity, foreign exchange, and credit markets had different ideas both in the US and around the world. We dive deep into quarterly data on wages and productivity, monthly jobs numbers from the blockbuster Employment Situation Report today, PMI data from around the world economy, and other tidbits from the data this week. Earnings are also underway, and we provide qualitative and quantitative highlights from earnings results on both sides of the Atlantic this week.

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