Everyone is talking about how important these jobs numbers are because they’ll partially dictate what the Fed does. That’s garbage. If the Fed really was data-dependent they would have raised rates a while ago because the unemployment rate has been low enough for long enough. The Fed isn’t data-dependent right now. They’re stock market-dependent. If the market goes up, they’ll raise. If the market drops, they’ll hold off. Simple as that. The Fed is terrified the market may drop, and despite the knowledge in the room at the time a decision is made, the stock market will dictate when they raise rates.
from Jason Levitt