The Fed's Cover Fire to Hike May 3rd

The Challenger job report showed that in Q1, there was a 390% increase in job layoffs relative to last year's Q1. It is the seventh worst quarter one in history. The market probably took this and said, you know what? That gives the Fed cover fire to hike May 3rd. But I think that that 70% will be rendered irrelevant this week because we get another CPI number.