Credit Strategy - Early Morning Reid - Craig Nicol    As you’ll see in the day ahead at the end we’re ending the week today with a bit ofa bang too. As always payrolls will likely be front and centre. For what it’s worththe market consensus is running at 180k for August following a 209k print in July.Following the decent ADP print on Wednesday (237k vs. 185k expected) our USeconomists revised up their payrolls estimate to 200k from 185k. They note thatthe details in the ADP suggest that the Amazon hiring spree proved an upside riskand as such that was the basis for their change in forecast. All that said we havebeen arguing that inflation and the debt ceiling have arguably taken over as thebigger issues for the Fed outlook right now so while not completely dampeningdown the importance of payrolls, it feels like the data is not quite as significant asit once was in the past. With that it’ll be worth keeping an eye on the associatedwages data in the employment report (+0.2% mom and +2.6% yoy consensus).Later on we’ll also get the August ISMs while this morning we’ll get the final PMIrevisions in Europe. So plenty to get through.

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