Will Sep payrolls affirm JOLTS showing softening labor? Both ISMs point to softer PPI and CPI ahead. HY relative strength is notable.

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This week, incoming data points to a concrete softening of the jobs market:

As the first week of October comes to an end, equities have managed to post solid gains. Those wary (most) view this as an oversold bounce. But given the significant moves in Fed funds futures, 2Y and 10Y yields, high yield spreads and even cyclical sector leadership, markets are suggesting funda...

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