I don't think the Fed is under pressure to raise rates faster than they have been but I think they'd be crazy to think that they should be done tightening.

It's another in the long series of the no-news-is-good-news story about inflation.

There really is no inflation problem right now, and there's certainly nothing in the pipeline, with the economy as weak as it is.

This is a perfect jobs report. Job growth slowed significantly and there are absolutely no signs of inflation. Greenspan may be pulling off what once seemed impossible: two soft landings in one economic expansion.

We're still several months away from job growth catching up with labor force growth and driving the unemployment rate back down, but that's really just a matter of time. Our economy is moving again, and once that happens it's actually quite hard to stop the forward momentum.

The good news for workers is that productivity growth cannot continue at this pace. Demand will translate into jobs very soon, and in fact I think it's happening right now.