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Jobs For Everyone!

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A couple of times we've mentioned that many financial markets have been behaving as if August never happened. Well, in many ways it didn't. The Fed reversed the August 7th decision on interest rates. The quant funds reversed polarity and returned to warp speed. The huge hedge fund redemptions weren't. And now that negative jobs number has been taken back. Turns out we gained 89,000 instead of losing 4,000.
Well, you know what else isn't happening? The October rate cut. The oddsmakers in the sport of Fedlinlogy--the folks who trade Fed fund futures--are now betting against a rate cut at the end of this month.
But don't worry. The folks who think the Fed always needs to cut rates will find a way to ignore the new jobs numbers. They were government jobs, you see. Teachers and such. And those don't count. These are also the folks who tell you there's no inflation. Ever.

In the comments section, a hard working reader thinks we're reading the rate cut signals wrong! Make up your own mind.