At first glance it looked like the perfect jobs report, not too hot or cold, suggestive of a Fed 25bps cut. And then the downward revisions came in and then the breakdown of migrant v native employment and boy is that something to look at.
To be honest, I don’t even know how to react to numbers like that. A loss of 1.3m jobs for Americans in August and not a peep? Who is warning? We haven’t seen anything out there to make these numbers make sense.
It looked like markets wanted to rally, with futures climbing over 150 off the lows. But now we are steaming lower, amidst a frozen bond market and bullish commodity tape. Make it make sense.
At the present, I’m 105% long, taking some hits, down 65bps.
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