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Strong Jobs Report Won't Steer Fed in New Direction

Broad-based employment gains and few signs of wage inflation should keep the Fed on track to raise rates as early as the first quarter of 2015, says Morningstar's Francisco Torralba.

Jeremy Glaser: For Morningstar, I'm Jeremy Glaser. The U.S. economy added 288,000 jobs in June, well above expectations. Bob Johnson, Morningstar's director of economic analysis, is out this week, but I'm here with Francisco Torralba, an economist with Morningstar Investment Management, to take a look at these numbers.

Francisco, thanks for joining me today.