As we await the Q4 Employment Cost Index (ECI) release tomorrow (forecasting consensus: 1.2% QoQ, 4.9% CAGR; Q3: 1.2% QoQ, 4.8% CAGR), two key points to keep in mind.
1. The Q4 Data Showed Slowing Across Many Wage and Wage-Relevant Indicators, Potentially To 4.2% annualized.
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