QCP Market Colour, 5 October 2026 1/ The macro narrative completely flipped in 3 weeks: "hike in October" → "October hike priced out, Fed on hold." September payrolls collapsed to 29k vs 84k expected. Unemployment rose to 4.2%; wage growth slowed to 3.0% YoY (lowest since May 2021). The 3-month average dropped to 50.7k