Statistical data quality and revisions. When the payroll benchmark revises away 900,000 jobs, the market re-trades the whole year; falling response rates make every first print noisier.
What to watch: Survey response rates; benchmark revisions; shutdown-delayed releases. It arrives annual, and the effect typically lasts weeks.
It sits in tier 3 — Flows and mechanics: Moves prices without changing anything fundamental, on horizons from hours to weeks. Who is forced to buy or sell, and when. Ignore this tier and market moves will regularly look inexplicable.
Its neighbourhood
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