And to see how everything has become so upside down and so...

And to see how everything has become so upside down and so incredibly short focused:
US has just released the payroll print. To give the brrrr machine a chance of restarting, they wanted a big miss, a 1m or so. It didn't happen, headline rose 482k above expectations of 380k.
So the market tried to get some consolation from the increase in average time hourly earnings which 'missed' at just 0.3% vs 0.4% expected. Macro unemployment was flat at 3.6% (against 3.5% expected).

So now let's get the algos to do their thing.

But let's step back on a true macro: This is all meaningless: the macro: the macro trend is still our friend, stop looking for micro interpretations within the macro picture.


Now let's apply this to AZJ: Nothing has changed.