Throughout the past week, stock markets dismissed the importance of the non-farm payroll report. When the markets open, the report may not matter much for stocks. Euphoric investors already decided to ignore the Federal Reserve’s cautious approach to cutting interest rates.Bond markets are also pricing in a 25 bps rate cut. The 6-month Treasury Bill yield fell by 15 bps to 5.30%, for example.Stock markets want a weak job report to confirm the labor market is showing signs of a slowdown. This increases the chance of the Fed loosening its monetary policy to stimulate growth. Still, strong job…