US: Service Sector Shifting Gear

Inflation pressures remain elevated at 64.2 (previously 64.4), but are much more modest than in the manufacturing sector where rising commodity and energy prices are having a major impact. Nonetheless, decent activity, rising prices, rising jobs and a vaccination program gaining momentum will increase doubts that the Fed will continue with QE on its current scale for another 12M and that it will be more than 3 years before the Fed hikes rates from zero.

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