Normally id say to bare in mind that ADPs estimates have been pretty bad the last year, but after the downward revisions it looks more like they were the better indicator overall.
If this is corroborated tomorrow this would probably cement an only 25 bp cut, which sure as hell isnt right, but the fed doesnt want to seem anything but steady on this
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Rates need to come down.
Normally id say to bare in mind that ADPs estimates have been pretty bad the last year, but after the downward revisions it looks more like they were the better indicator overall.
If this is corroborated tomorrow this would probably cement an only 25 bp cut, which sure as hell isnt right, but the fed doesnt want to seem anything but steady on this