Buckle those seatbelts!

Tomorrow is the first of two major events on the interest rate front -- the non-farm payroll report for July (the other event is next Tuesday's Fed meeting).

Expectations are for job growth of 145,000 and an unemployment rate of 4.6%. Lots of pundits claim a good number = a Fed hike next week and vice versa. I'm not so sure. I think the Fed SHOULD hike given the inflation pressures out there, regardless of what this report shows. But we'll just have to see.

Incidentally, the Australian central bank, the Bank of England and the European Central Bank all raised their rates this week. Do you think "Gentle Ben" will give into peer pressure and do the same? After all, everybody's doing it right? :)