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CALABASAS, CA—“Solid US jobs report bolsters case for Fed rate hike.” “July Job Numbers Keep Fed Rate Hike on Track.” “July Jobs Report Hints At Fed Rate Hike In September.” These headlines from this past Friday found Reuters, the Wall Street Journal and Investor’s Business Daily all saying essentially the same thing. This week, Marcus & Millichap‘s Hessam Nadji reiterated a theme he has sounded in recent months: the steady if not dizzying pace of employment growth offers the Federal Reserve “a solid foundation to begin modestly raising rates later this year, despite some soft readings in measures such as wage growth.”

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