What a crazy day this was. A horrible BLSBS. Truly horrible. All part-time jobs and no jobs for any native-born US citizens. Terrible. But that wasn't what drove the markets today. Instead, it was the growing realization (finally) that Jerry isn't (and never was) going to start his cuts with a full 50 basis points at the September FOMC.
And again, as we've been saying for about the past month, the sooner "the markets" get this 50 basis point notion out of their collective heads, the better. Maybe...finally...today...it's finally over.
We discuss all of this today and...
