Good Friday Morning from your Hometown Lender,

Today was the day we (well me) have been waiting for.

The jobs report is always the biggest report of the month and moves markets. It is also the last report the Fed will see before its meeting next week. Due to the hurricanes this month, the market pared back expectations to just 113k new jobs being created. The number printed only 12k jobs with the asterisk that some of the data is incomplete. The bigger part of this report is that last month’s monster report which was the catalyst for rates increasing ½ % in October was revised. I think “revised” is an understatement. Nonetheless, the report which was expected to show 150k new jobs and was reported at 254k new jobs has now been revised to just 78k new jobs created. How does that happen? I do not understand how it has become commonplace for states to overstate their data only to revise it lower in the following report. There is a microscope on all trading but this is the biggest market manipulation of all. This manipulation has cost consumers millions of dollars in higher rates and higher payments. This is not a partisan issue. Despite the data being horribly weak today, bonds are selling off over concern for the anticipated inflationary policies of the next administration. I don’t know what to say about that than to call it as it is. We will need to go through some tough choices to get to a stronger country.

Next week is going to be a barn burner.

We have the election and then have the Fed meeting the following day. I don’t know what could be more important. While I am hopeful that rates improve, my gut is saying they will not. Yes, I do think that much depends on how the election turns out.

My best regards, enjoy the weekend, and first, make today great!