On an evening two days before the release of the monthly U.S. Employment Report, often referred to as the king of economic announcements because of the way it can roil financial markets, three traders meet to discuss strategy. With varying views on how to analyze the current situation, the three debate what positions they should take prior to the announcement and what they should do once the release hits the newswires. Should they focus on economic models? Pricing histories? Market psychology? This case presents data and regression analyses on the response of U.S. stock prices, interest rates and exchange rates to the change in non-farm payrolls, in order to analyze the market's response to macroeconomic news.