Rieder Says Jobs Report Won't Change Fed's Plans

The transcript discusses recent market reactions, focusing on interest rates and the Fed's trajectory. It highlights the shift in the economy towards service-oriented jobs, which impacts wage growth and employment trends. The discussion also covers the changing nature of hiring practices, emphasizing the role of technology and the shift from full-time to consultant-based hiring. The traditional Phillips curve is questioned in light of these changes, suggesting a new framework for understanding wage growth.

What is one of the key factors discussed that influences the long end of the interest rate market?

• Federal Reserve's immediate actions

• Unemployment rate

• ECB's policies

• Average hourly earnings

How does the shift towards service-oriented jobs affect wage levels compared to manufacturing?

• Service jobs offer the same wages as manufacturing

• Service jobs generally offer higher wages

• Service jobs have no impact on wage levels

• Service jobs typically offer lower wages

What is the inflation rate for services compared to goods, as mentioned in the transcript?

• Services: 0.47%, Goods: 2.7%

• Services: 2.7%, Goods: 0.47%

• Services: 1.5%, Goods: 1.5%

• Services: 3.0%, Goods: 1.0%

What modern hiring practice is highlighted as a change from traditional methods?

• Using just-in-time hiring and consultants

• Offering permanent contracts to all workers

• Relying solely on internal recruitment

• Hiring full-time employees for all roles

How does the modern hiring framework challenge the traditional Phillips curve?

• It accelerates wage growth significantly

• It slows down wage growth despite low unemployment

• It has no impact on wage growth

• It causes wages to decrease