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So, Friday was “jobs” day. The first Friday of every month brings us the “non farm payroll report”. This piece of data is watched by every market participant, because the labor data is correlated to monetary policy such as interest rates.
The Fed’s have been sitting on their pedestal telling us how wonderful the recovery is and that the labor markets are so hot that they’re worried about overheating. For months now they’ve had a smug attitude about how many jobs there are, and that their monetary policy has indeed saved the world.