As of Friday morning, markets are finishing a week which included both the results of the last Federal Open Market Committee and the April US employment report.  The week also included a number of other numbers from the Eurozone and earnings from S&P 500 companies.

Today’s employment report showed a payroll number in range with consensus estimates with a rate of 3.9%, the lowest level in two decades.  The FOMC announcement also had the expected decision to hold rates at the 1.5-1.75% range, with Fed Funds futures, the Fed dot plot and Fed speak still eyeing another rate hike at the next meeting.

While a healthier and more flexible rate environment and decades low unemployment would have thought to be positives, the markets seem to have already factored in the news and may be looking ahead or elsewhere at a number of other factors.

Certainly inflation, geopolitical and international trade concerns as well as a number of other factors are front and center amid such positive reports.

For instance, the late January highs in equity indices have yet to be tested as the interest rates and oil prices trade near multi-year highs.