Macro Strategy Insights

NFP Instant Reaction: Houston, We Have a Problem…

Normally, you can find some parts of the jobs report that “fight” against the headline. That somewhere in the details is a potentially different narrative. Maybe it’s because I’m lazy on a summer Friday, but it’s difficult to see what that is in this report. But let’s start with the most important point: Instead of worrying about what Warsh said or didn’t say, how often he might or might not say things, or to whom he may or may not speak, maybe we should worry about making decisions based on garbage data? As you know, I’ve argued for years that ... NFP Instant Reaction: Houston, We Have a Problem…

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