You know that awesome Chinese restaurant game where everyone reads their fortune cookie and then adds the phrase “in bed” to the end of it? Like: “You shall be blessed in all that you labor at…IN BED!” or “You are extremely agile and open to trying new and filthy things…IN BED!” OK, that one wasn’t a great example but you get the point.
We’re going to play a version of that for the next three months where every single datapoint is read off the teleprompter or printed on the news site followed by the question “but what does this mean for the prospects of QE?”
So look at this morning, for example. August payrolls misses ugly, but the market tolerates it as a million market participants ask themselves or tell others aloud how and why this shifts the prospects of new Fed easing from December to September or from “ain’t happenin'” to “ok, prolly at some point.”
I’m telling you this so that if you know in advance that you can’t deal, you can just drop that plugged-in toaster into the bathtub now and end it.
It’s as good an excuse as any and believe me we’ll understand.