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Multiple Forces Make Fed Decisions <br />More Difficult <br />f <br />400 - <br />300 <br />200 <br />100 <br />0 <br />-100 <br />Nonfarm Payrolls <br />0 <br />The key to future market and Fed moves <br />may be in employment, which has <br />decreased' across most industries. <br />-200 ' __ - _ _ - - - - <br />8 o W) U.) <br />a uIj <br />3 %n <br />S <br />S <br />as a- <br />o -8 <br />8 <br />g <br />o <br />N <br />o N <br />a N <br />a N <br />a N <br />a N N <br />a s N <br />a N <br />a N <br />a N <br />a N N <br />a N <br />a N <br />A N <br />a N <br />a N <br />a N <br />a a <br />M M M f? M M M M M t= M g l? M M M ?i M <br /> M h r a M N 1? Of ?- M its iz a M <br />I <br />L_ <br />100 <br />90 <br />80 <br />70 <br />60 <br />50 <br />mod' `c4° ,A`O ?'`O0?P1e,?o? e`A1 ?o?s?p? J?Q1'J?A? Oo? Oo'? ®`A0 1S? <br />-he %/eakening of employment raises <br />inflation anxiety and stops consumer <br />spending. The US dollar's buying power <br />.s eroding against most major world <br />currencies. <br />The slowdown in consumer spending will <br />Heighten business caution, which then <br />r ay slo\j\/ the pace of capital investment. <br />Omhou* that investment. a speedy <br />economic upturn is unlikely <br />This cuarter. the Fed has started to focus <br />on inflation and the market anticipates a <br />-ate ir~crease as a result. But, can rates <br />rise without Further damaging the <br />oconomv and the dollar. They appear to <br />?e talking vig and carrying a twig. <br />• <br />USD - General Int'l Value