The February jobs report, published Friday, contained more positive signals about the domestic labor market.  The unemployment rate declined to 4.7% and nonfarm payrolls rose more than forecasters’ expectations.  The jobs report was the last piece of critical data before the Federal Reserve policy meeting next week where markets are pricing in a greater than 90% probability of an increase in the Fed Funds Rate.  Internationally, the European Central Bank concluded its policy meeting this week leaving interest rates unchanged and continuing Quantitative Easing.  The bond buying program has declined to 60 billion Euros a month where it will hold for the remainder of the year.

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