I don’t think so, but they’re close. The employment trend is very weak for this phase of the recovery and employment is an explicit part of the Fed’s dual mandate (price stability/full employment).
The bond market is not waiting around though. Yields are plunging. 2-year notes are yielding a record low 0.505% while the 10-year note is at 2.85%.
Not good for the USD/JPY in particular…