FED Watch: NFP + Waller

Disclaimer: For informational purposes only.

Please see here and here for more information about The Weight of the Evidence.

Discussion

After ramping SPOOZ into month end last Friday, Wall Street is now verbalizing the nasty set-up into Friday’s NFP + FRB Governor Waller (who speaks directly on behalf of Powell), where the bond market wants recession cuts the Fed is unwilling to deliver without a more decisive deterioration in labor market data. RBC outlines the set-up well below.

RBC Note