The jobs number was great, but it's all about the Fed now

This morning, I gave you an initial reaction to the jobs number, saying:

A bad number won’t change the Fed’s forward guidance because the Fed has a tightening bias. But that bias means that a good number could tip us toward four rate hikes in 2019 from three.

Let me give you a more in-depth view now.

Market reaction

Before the number came out, I didn't expe…