I hope everyone is having a good weekend. NFP was surprisingly soft, and I was wrong to expect this report to have an acceleration. I have been saying the worst has passed us, but that is clearly not visible yet in the data so this week was an L for me. The debate over September cut is now decided, but the pace and extent of cuts will be tricky.
In terms of the week ahead, Monday is quiet with Consumer Credit and Used car prices, Tuesday has NFIB, QCEW annual revision and Redbook, Wednesday has MBS apps and PPI, Thursday has CPI and Friday has UMICH.
Let’s dig into the data and see what we find.