First, a key correction: the U.S. October nonfarm payrolls report is scheduled for release on November 6; it hasn't been released yet. September added just 29,000 jobs, and the unemployment rate was 4.2%, so markets are betting that October's figures will weaken further.
If the data is weak, markets will price in rate cuts; if it's too weak, they’ll start trading on a recession. The most dangerous scenario isn't a payrolls beat.
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