US Q4 final non-farm productivity +1.2% vs +1.3% expected

Fourth quarter productivity data

• Prelim was +1.4%
• Unit labor costs +0.9% vs +1.4% expected (prelim +1.4%)

These numbers aren't going to impact the market but if we look out a year, an important question to ask is: Will the Fed hike rates back up to where they were? A big factor will be where inflation is.