U.S. labor market 'cooling rapidly', job openings fell well below expectations, down more than half a million from January's revised figure to 9.931 million.
These figures "come out a day after ISM PMI figures showed signs of weakness in the economy, which "will encourage betting on a pivot close to the Fed".
The likelihood of a 25bps hike at the May meeting instantly diminished, and markets are now almost evenly split on a 25bps hike or break.
Friday's payrolls report will come under scrutiny, in hopes that it confirms the reassuring signs of the Jolts report "." The Fed's long-awaited pivot is very close, but at the cost of a tightening of credit conditions and a risk of recession.
