we just had the job support from the United States non form payrolls that’ss 227,000 jobs that’s better than City told me this morning at 155 but pretty much in line with the estimates the issue is this it is about the household survey look at this employment declines by 355,000 and that is pretty important what you’ve got here is an employment report which has helped the bond market validate itself that you’re going to get this rake up which takes us to this function on the Bloomberg WIP this is the swaps Market 87% probability of a rate cut 25 basis points in December Muhammad laran has just been on the tape it’s not a consistently strong report but what it does do from a policy point of view it does not complicate the probability the possibility and indeed the ability of the FED to deliver 25 basis points in December the bigger question according to toron slock in 2025 with all the juice coming from tax cuts is do we move to paus ability plausibility