“The prospect of far easier financial conditions remains supportive”

Amid the BLS' Baffle 'em with bullshit banality, the last 100 sessions in US equity markets are almost without precedent...

"This is a supportive combination for equity markets" 

...there are times when the signals from each respective market seem to diverge -- now is one of those times, so it’s worth asking why...

"You’d need to see pretty weak inflation this week to get that a jumbo rate cut"

...oil at 3mo lows, gold at record highs, 30Y yield at 4mo lows, S&P at record highs...

"Investors should focus on the unemployment rate and wage growth for a clearer sense of the Fed’s next steps."

...ugly jobs prints sparked a 'bad news is good news' response with rate-cut odds rising.

“September’s cut is a given but we don’t have any strong convictions going forward,”

...luck may have run out for the labor market.

“We don’t see yields rising much further than their current levels”

But the vol market knows this Friday is all that matters for now...

Traders are finally back from vacation. 

"The bar to derail a Fed Rate cut on Sept. 17 appears high"

...a weak-end into the long weekend

....despite anxiety over 'Fed independence', fear is at its lowest since Trump's election...

"The growth is changing, but you can’t have two years in a row with growth improving" 

...if everyone is so scared of Fed Independence - why is the market's perception of USA sovereign risk back at pre-Trump lows...

“A miss could spark meaningful volatility"

Cook(ie) chaos steepens yield curve, crushes dollar, crude & crypto...