Flat wage growth (hotter than expected MoM), lower unemployment rate (good news is bad news), more jobs added (good news is bad news)... but the narrative-delivers claim "goldilocks".
This looks anything but goldilocks and the kneejerk reactions agreed with rates and the dollar higher (hawkish) and stocks lower.
But that has basically all been unwound now.
Dollar is down...
Gold is reversing higher,..
Bond yields are falling back from the kneejerk higher...
The payrolls print was right in the middle of Goldman Sachs' sweet-spot for stocks and they are still holding on to post-payrolls gains (though only Small Caps are in the green)...
The odds of a rate-cut in March dropped from around 60% to around 50%...
Still a long way to go for these narratives to be rewritten today.
https://www.zerohedge.com/markets/market-confused-goldilocks-jobs-data
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