ING: I think the Fed will be very pleased with the evidence that the job market is cooling

James Knightley, chief international economist at ING in New York, said that focusing on the December non-farm payrolls report, we are looking for more evidence that restrictive monetary policy and tight credit conditions are having the desired effect, not only in the broader economic sector, but also in the labor market, to curb inflationary pressures. I don’t think the Fed will show a willingness to cut back on the size of the rate cuts that the market is currently expecting, but they will be very happy with the evidence that the job market is cooling