While forecasting cause and effect is always hard in financial markets, Wall Street’s best minds are having a particularly brutal time deciding if they want Friday’s payroll data to come in high or low.
Anticipation is running hot. Anticipation of what, is a separate question. Will a weak report boost rate-cut odds? Or maybe the cuts are priced in and the sight of a tanking economy will sow terror. Maybe solid data will douse recession fears. Or maybe just stiffen resolve against easing.