Good, Bad And Everything In-Between

It was the same story on Thursday, when US equities meandered ahead of payrolls: Bad news is good news, but too much of a good thing can be bad. In the context of the US macro narrative, that means evidence of job losses is actually bullish, but only to a point. The balance of the week's pre-NFP jobs data skewed towards a softer labor market. An uptick in initial claims capped a string of releases that together appeared to tip a meaningful loss of momentum. That could be ancient history by Fri

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