The strength in Friday’s employment report was almost certainly exaggerated by turn-of-the-year seasonal adjustment challenges.  Unfortunately, that may not be an isolated event; some of the other January indicators on the upcoming economic calendar may have an upside bias as well.  However, we expect to see at least some payback in the data that will be released in the run-up to the March FOMC meeting next month.  Separately, we cover a handful of secondary themes that cropped up in Chair Powell’s press conference on Wednesday.