The Bureau of Labor Statistics (BLS) served up some leftovers this week. October was revised down by 105,000 jobs, while November came in at a modest +64,000. August and September didn’t escape either, both were revised lower, confirming that the job market isn’t quite as hearty as the original menu suggested.

Translation: the Fed hawks are quietly eating crow, while the doves sit back, arms crossed, saying, “Let’s see how this digests.” Headline numbers once looked robust, but revisions are where the bond market really reads the fine print.

As a result, the odds of a January rate cut have ticked higher, not dramatically, but enough to move the needle. The bond market noticed, rates responded, and now we wait to see if this was a one-off indigestion… or the start of a lighter economic diet.

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