This otherwise sleepy Friday began with the sort of clearly defined spike in volume and yield that often accompanies big ticket economic data.  With the time of the spike being 8:30am (the headliner time slot, to be sure), market watchers refreshed their econ calendars to make sure nothing was missing. 

Only those with more international worldviews were immediately aware of what had just happened.  Canada's NFP equivalent fell 17.3k vs forecasts for +21.3k and a previous reading of 41.4k.  This is the first negative reading since the post-covid labor market volatility stabilized, and the second time this week Canadian market movers reached across the border.

It's abnormal and interesting to see this much of a reaction to the Bank of Canada earlier this week and now to Canadian employment today.  It likely reflects the market's eagerness to identify a potential turning point in the forces underlying inflation as well as the general absence of any other relevant calendar events on the Friday before Fed/CPI week.