It's a dismal report. Unnerving. Is this the beginning of a one-two-three punch?

The bond market took this report as a sign that core inflation may be bottoming and the Fed may still be in the tightening business later this year.

The bond market took this report as a sign that core inflation may be bottoming and the Fed may still be in the tightening business later this year,

The report is probably a shade on the weak side and it increases the chance that the Fed is more likely to stop raising rates at 4.75 percent at the middle of the year, rather than going higher.

If your period of turbulence is less than two or three months, ... then we can probably avoid a downturn.

We are looking for a very dismal report,