The market mood improves further after Timiraos highlights better wage picture

The mood in markets has improved further with S&P 500 futures up 44 points now to 3872.

Some of that came after WSJ Fedwatcher Nick Timiraos tweeted:

Revisions to average hourly earnings data paint a marginally less worrisome picture for the Fed on wages than the Nov report

The upturn in wage growth in Nov (originally reported as +0.6%) was revised (to +0.4%)

The 4.6% annual wage growth in Dec was the lowest since Aug ’21

This has been an impressive reaction and the market is now thinking the Fed could stick the landing.