Jerome Powell is facing a ‘puzzlement’ of economic data, with contradictions likely to freeze any immediate action on the base rate

One could argue that last week’s surprisingly robust jobs report has made Jerome Powell’s job harder, as it defies the narrative economists had widely believed when it came to the slowing pace of the economy.

On the other hand, some might argue that the Fed chairman’s exit from the top job at the central bank just got easier, because it may support a call for inaction by the rate-setting Federal Open Market Committee (FOMC).

Prior to Wednesday, speculators had been fairly balanced...