Every month, we remind traders that the Non-Farm Payrolls report is significant because of how it impacts monetary policy. In other words, the Federal Reserve is the “transmission mechanism” between US economic reports and market prices, so any discussion about NFP should start with a look at the state of the US central bank. Even though we’ve flipped the calendar to a new year (and decade), the Fed remains in the same decidedly neutral posture, with little chance of tweaking interest rates in either direction until at least the second quarter, if not until after November’s election! Accordingly, even an outlier NFP ... (full story)