SPDR S&P 500 ETF (SPY): ETF Research Reports Pre-market traders like these numbers, even as they demonstrate slight weakness in employment overall, as a soft labor market works toward the Fed taking a more dovish tone on interest rate hikes. So one sure-fire way to alleviate this trepidation is to see monthly/weekly/quarterly inflation numbers melt down in the direction of 2% (still the Fed’s “optimum” level) — and unemployment to rise, removing wage growth initiatives from the labor market.