[Strategist: Fed's December Action Depends on Nonfarm Payrolls and Retail Data, Wage Growth Slows] U.S. rate strategist Ira Jersey stated that while the overall data is not particularly strong, the muted reaction in the rates market is not surprising. Ira Jersey is paying closer attention to wage growth, which has slowed to a year-over-year rate of 3.5%, the lowest level in this cycle. The Federal Reserve may still take action, but it will depend on the December nonfarm payroll and retail sales data to determine whether the Fed will make a move in December. Given the current lack of a clear trend shift in the data, long-term rates are expected to continue fluctuating within a range.