The SP 500 might attempt to consolidate at 3900-3920 but will likely fall further to retest its June low. n The US August jobs report was not as dovish as the Fed Funds futures market appeared to believe; non-farm payrolls broke above a historic high and wage inflation remained stuck at 5.2% yoy. n The Federal Reserve has 8-12 months to crush inflation and build up its rates buffer. It needs to reverse the deepest negative real rates since the Second World War. n Global bond bear market will likely become worse on rising spreads and defaults.