In an attempt to not force another "Warsh" or "Jackson Hole" headline (because it's a coin flip as to whether it will matter), the calendar offers up another event that is almost guaranteed not to matter. Despite the familiar name, today's nonfarm payrolls data is not the NFP you're looking for (that NFP will be out next Friday). Rather, this is the preliminary annual benchmark revision which can make for big changes in the job count over the previous year, but which says nothing about the current state of the labor market. It's a statistical adjustment that is often blown WAY out of proportion by market watchers or politicians with axes to grind.
Warsh Speech at Jackson Hole Prompts Heavy Selling
Hawkish Read on Warsh Prompts Heavy Selling
Jackson Hole speeches are hit and miss when it comes to bond market volatility. Today’s Warsh speech was something of a direct hit–more than enough to sink the battl…