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Goldman Explains Jobs Disaster: “Weather” Word Count = 7
Ok, so the jobs report didn't go so well.
We missed the mark. "Bigly." Or, "big league." Depending on which variation of the most popular of popular Trumpisms you prefer.
You already know the story. We were supposed to print 180K. Instead we printed 98K. Bummer.
The knee-jerk reaction was predictable on all fronts. Dollar down. 10Y yield plunged to a YTD low. The follow-on reaction was also predictable. BTFD. Mean reversion. You know. The usual.
Well, for those interested in Goldman's take
That is all so much bulls#%t
There was plenty of work shoveling snow and now plenty of work rebuilding collapsed buildings at the insurance company’s expense.
wallstreet does not like that, can’t have those insurance companies having to pay out!