He said the addition of the Waller speech (post NFPs) means that they they now have a clear opening to realign the market pricing ahead of the blackout.

He add, “this leans hawkish to us. Left to its own devices , we think the market would be quick to price in 50bp on even relatively benign NFP print. If the Fed was ready to accept this and cut 50bp, there would have been no need to send out Waller”