Jonathan Knowles Introduction Last week seems to have ushered in a significant narrative shift in equity markets, as a sharp weakening of the US jobs market delivered a sharp sell-off in the S&P 500, Nasdaq and Russell 2000. Until now, the market has seemed to welcome a gradual weakening of the labor market as it provided cover for the Fed to start cutting interest rates. This was one of those good news is bad news situations. Where a modest amount of bad news can be perceived as good due to its knock on ef ...