More On Why We Think Payrolls Were A Head-Fake

Highlights

• Watch for downward revisions to payroll estimates

• Corporate tax hikes would weigh on productivity and employment growth

• Revisiting the risks to our base-case views

• Momentum continues to drive equity markets, as it can’t be about the fundamentals

Key Takeaways

• The Shanghai Composite gave up early gains and closed with a     -6.6% drubbing and the CS…