The Federal Reserve moves to center stage next week. Outside of the US and Chinese inflation measures, it looks to be a relatively light week in terms of high-frequency economic data. Investors are still ruminating over the surprising jobs report (gain of 2.5 mln jobs vs. forecasts for 7.5 mln loss). Yes, there were classification problems, and a lower participation rate dampened the unemployment rate. But, the unexpected 290k rise in Canadian jobs seems to lend credibility to the underlying signal that the worst has passed. The FOMC meeting takes place amid a dramatic run-up in risk assets. It is manifest in strong ... (full story)