The cat's out of the bag. All the monetary tightening to date may not be enough—not if today's stunning job growth is any indication.
But don't worry, "just sit tight," central banks advise us. "Monetary policy takes time" — like waiting for your internet to load a video in the 90s.
Okay, sure, but those same central bankers have virtually no control over two critical drivers of today's hot employment data: fiscal and immigration policy (more on those below).
Markets have been holding their breath for months, waiting for North America's economies to roll over. And from the looks of today's Canadian/American labour numbers, they may start turning blue pretty soon. There's clearly more work to be done.