The US Bureau of Labor Statistics will be reporting the October jobs report tomorrow — Friday, November 1 — stirring up markets already nervous from Big Tech earnings out from Meta Platforms (META) and Microsoft (MSFT). The labor data print could prove crucial for the Federal Reserve ahead of the central bank's November policy meeting next week.

"We have to take the number with a big grain of salt," warns JPMorgan Asset Management Fixed Income portfolio manager Kelsey Barro.

She explains that the range for October's estimates are "abnormally wide" and cites multiple factors affecting the data, which includes the distortions tied to Hurricanes Helene and Milton, plus the ongoing Boeing (BA) labor strike.

"The one question that I am always trying to answer when I look at the labor market data because this is the way the Fed looks at it, is whether the labor market is an inflationary source for the economy or not?" Barro tells Alexandra Canal. However, she notes the labor market isn't driving inflation. Data suggests a "moderating trend."

Watch the video above to hear what Barro says bond market yields (^TYX, ^TNX, ^FVX) are signaling about the broader market (^DJI, ^IXIC, ^GSPC).

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This post was written by Angel Smith