ADP gives us our first chance to see how the market reacts to jobs data after the hike
There was no stopping the rate hike last month. Even a crappy NFP wouldn't have stopped it. The jobs market has been solid and that's been the one big area they didn't really have to worry about
The first hike is out of the way and so there is less importance to the jobs numbers than there was prior to lift off. What will happen now is that we start focusing even closer on the sub-components of the reports like wages
The interest rate trade isn't done but the trade released a lot of pressure with the hike. This is likely to see trading a tad more subdued, as it used to be when things we're more normal. Normality is where we should be heading and that changes the landscape for volatility
As long as we don't start seeing negative trend appearing in jobs numbers don't expect the fireworks these reports have brought us over the last few years
Today ADP is expected in at 192k vs 217k prior
