We already know how the markets have responded to this morning's "good news" in the jobs data - rate-hike expectations soaring, bonds, stocks, and bullion crushed as the dollar spikes. The market is now pricing in 70% odds of a 75bps hike in September (up from 25% at the start of the week) and over a notably7 more aggressive tightening cycle than was expected a week ago. Now we hear from Wall Street's best and brightest: Omair Sharif, founder of Inflation Insights LLC, says 75 basis points next month from the Fed is now “the base case.” Randall Kroszner, a former governor at the Fed and now an economics professor ... (full story)