Biggest Jobs Disappointment in Over 20 Years

Blockbuster jobs data? Not so much. At 266K versus over 1MM consensus, it was the worst miss since 1998.

The futures initially held the overnight ramp, taking their cues from VIX, which barely budged on the hugely disappointing print. But, VIX also hasn’t (yet) broken down the way it normally would if a full-court press were on to preserve the rally – the kind we saw yesterday when Atlanta Fed President Bostic served up new all-time highs on Dow by insisting that tapering mustn’t even be discussed (lest Death Eaters be summoned!?)

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