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Non-farm payrolls came in at 38,000 against an expected 170,000 jobs being added to the economy, the weakest jobs growth in six years. Like Uber's efforts to fight the Austin city council (my home town), this is a big miss, throwing all of the Fed's logic out the window. It is also sending a clear signal with a bullhorn, that raising rates is not a possibility in this environment. The bond market read this message loud and clear, exploding higher after the report.
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