Tightening

September job numbers were slightly lower than expected. Markets should not be responding to policy moves in the press.
The Fed should have raised rates immediately on October jobs numbers

Federal Reserve Governor Jerome Powell on Tuesday said the U.S. economy could be ready for a first interest rate hike in September followed by a second increase in December.

So much for the old-saying, “Sell in May and go away”.

The effects of the financial crisis are posing new challenges for the U.S. economy. Top officials are trying to shift the focus from the timing of the first interest rate hike to the general trend of tightening that will come with it.
The widening of yield spreads between U.S. and Germany on perceptions of policy deviation between America and the rest of the world begs a critical question.

Did Federal Reserve board Chairman Janet Yellen reveal anything last week during her Congressional testimony?

The Federal Reserve seems to want to ignore the potential global fall-out as they start on a path of raising interest rates while the rest of the globe seems to be slipping back into the economic abyss.
The weakness in job creation echoed somewhat the ADP report produced a day earlier, but simply put, appears broad-based rather than laying at the doorstep of a specific sector.
The Eurodollar curve has spreads steepening with the pivot point of the curve moving out from June 2005 to September 2005. The market moved this pivot in when Janet Yellen suggested the Fed might start raising rates six months after the end of tapering.