U.S. traders awoke today to data from China that increased concerns of deflationary pressure and lack of domestic-market response to stimulus measures so far.

The threatened rate increase – which just about everyone has had enough of discussing – is like getting pecked to death by ducks. You become so insensate at the constant noise and poking that eventually you throw your hands up and surrender.

Today’s U.S. jobs report served to bolster expectations that the Federal Reserve will raise interest rates at their next meeting six weeks from now.