All that hawkish Fed talk in recent weeks, as well as the market's knee-jerk reaction, seemed kind of silly after Friday's dismal jobs report.

Expectations for a summer rate hike fell into a sinkhole Friday after the Labor Department reported that nonfarm payrolls grew by just 38,000 in May, amounting to the worst monthly jobs growth in five years. A decline in the unemployment rate to 4.7 percent came only because 664,000 Americans fell out of the workforce.

All of that happened amid a growing chorus of Fed members professing in recent weeks that a rate hike was appropriate and imminent. The economy, they contended, was gaining steam, with employment near capacity and inflation comfortably climbing toward the U.S. central bank's 2 percent target.

Then just that quickly, expectations changed. Traders who had been pricing in a 58 percent chance of a July rate hike took the likelihood down to 34 percent. Within two hours of the payroll report's release, the market was projecting no rate hike until at least December.