January's employment report was about as good as could have been hoped for, with a 172,000 rise in private payrolls comfortably beating expectations and the unemployment rate dropping further to 4.3%. Labour market conditions don’t seem as weak as had been feared even a few months ago, which, if sustained, will make it harder for incoming Fed Chair Kevin Warsh to persuade the rest of the FOMC that the economy needs significant monetary support.
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