The mood in markets has improved further

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

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.

Some of that came after WSJ Fedwatcher Nick Timiraos tweeted: