How will investors view the jobs report -- that's a tough call as we battle inflation and recession at the same time.
Here's what to expect in Friday's numbers, as well as my single biggest concern right now.
In the last 15 years, we have never really had a strong market rally at the same time we have had a hawkish Fed.
Several Fed officials were out and about on Tuesday, and what they did was cause a selloff across Treasury markets.
In much the same way many said we can't have a bear market if the indexes are still holding up, some now argue we can't have a recession if employment is still in good shape.
We can still have significant economic slowing, and the negative impact that entails -- even if it doesn't fit some exact definition
Plus, should Thursday's slower trading volume be a concern, and what's up with the Fed's balance sheet?
Enough portfolio managers are acting out of a fear that they missed the very tradeable mid-June bottom and may have been under-invested over the past month.
I expect a steep decline in monthly job gains in the months ahead.
Here's my view on the chance of a recession, rate hikes and liquidity.