jeffrey rosenberg of blackrock will recalibrate off of this stunning report. w will you presume the fed will recalibrate? jeffrey: the first thing is not any one single report is going to determine the fed change or its projections. the expectations are here for a string of reports. obviously this report has disappointed that. the fed's outlook was not to react to just one report. that is good news and bad news. we will move on. the report is very much at odds with all of the other data. clearly there is something going on. when we look across the broader ranges of the reopening economy, it is still consistent with a strong recovery in labor markets and the economy. the broader message from the broader range of indicators is what the fed will be looking at for determining their policy. near-term markets will react. there is positioning. near-term that will enter into sentiment. the longer run trajectory is still in place. lisa: bespoke investment saying this is the biggest missed relative to expectations for nonfarm payrolls going back to at least 1998. this is