The December job numbers came in stronger than the roughly 170,000 expected, with payroll increases of 216,000 while unemployment remained at 3.7%. Will there be a soft landing or not? Excellent question. Too bad the answer remains elusive.

At this point in the Federal Reserve's long battle against inflation, markets have been looking forward to what seemed an effective promise of rate relief. In the minutes of the December Federal Open Markets Committee meeting, "participants viewed the policy rate as likely at or near its peak for this tightening cycle, though they noted that the actual policy path will depend on how the economy evolves." Markets have been entranced with the first half of the sentence but have brushed over the second.

Every strong jobs report or upward shift in inflation can contribute toward the "how the economy evolves" concern. It all depends on how the information is interpreted, which comes down to whom you hear.