Fed’s Beige Book: Modest wage hikes broadened

Highlights of the April 19, 2017 Beige Book
– More firms cite high labor turnover and difficulty retaining workers
– Employers had a harder time filling low-skilled jobs
The comments on wages are USD-bullish. It’s the kind of thing that would increase the confidence of the bulls on rate hikes. That said, the Beige Book isn’t going to send a stronger signal than 10-year notes, which are telling the Fed not to worry about inflation.