Today’s Non-Farm Payrolls report was one of the best, most-bulletproof non-farm payrolls report we’ve seen in a while.However, there are two tiny concerns, especially for market folks.
First is that this probably pushes any Fed stimulus off further down the road. Markets may not be crazy about a lack of QE3.
Also—and this was just pointed out on BloombergTV—is that suddenly the fight over the payroll tax extension gets a little dicier.
That’s not just a market issue. That’s an economic issue, and if that doesn’t get extended, then that’s de-stimulus.