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Credit Suisse Previews Friday's Job Report, FOMC Minutes

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Credit Suisse analyst Jay Feldman was out Wednesday morning with a note highlighting the December employment report and FOMC minutes.

"We look for a 250K rise in nonfarm payrolls, continuing the trend of monthly job gains above 200K. We project a steady unemployment rate at 5.8%, although the risk is for another decline. Hourly earnings will also be a focus. We expect a 0.2% gain, which would bring the YoY rate to 2.2%, the top of the range in the past few years. Wednesday's ADP Employment and ISM Nonmanufacturing reports will shed some colors for the risks to Friday's main event."

According to Credit Suisse, a key focus of the FOMC minutes will be the debate surrounding the change in the forward guidance from "considerable time" to "can be patient." They also feel variations on some of the comments made by Fed Chair Janet Yellen in her press briefing may also surface.

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