Tomorrow is the first Friday of the month so it is known on trading desks as UNEMPLOYMENT Friday — or Unenjoyment Day for some — as volatility will reign in the early part of the trading day. As we have discussed ad nauseum volatility is the predominant theme as all the world’s central banks discuss the removal of QE, as well as raising the cost of money through returning nominal rates from a steep NEGATIVE REAL YIELD to some normal zero or hopefully a POSITIVE REAL YIELD. But headline inflation reveals that all central banks have a great task ahead in an effort to reach what POWELL and others refer to as normalcy.