I would add this to Ramesh Ponnuru’s takeaway from the strong October jobs report: As the labor market continues to grow more robust and wages continue to rise, the Federal Reserve will likely be emboldened to continue on its path of gradually raising interest rates. Wages rose in October by 3.1 percent year-over-year, the fastest in a decade and one sign among many that inflation will keep rising. (In small part the 3.1 percent figure is due to an unusually low pace in October 2017, but the labor market is tight and getting tighter.) President Trump has attacked the Fed and chairman Jay Powell for raising rates on the grounds that he fears it will endanger the expansion and, one suspects, on the political grounds that if the economy turns down the Fed will make a useful scapegoat. But Fed policy is unlikely to change, especially if the coming months bring jobs reports like today’s.