The August jobs report next week will be a key hurdle for a stock market that's at all-time highs heading into what's historically the worst month for equities. The question of Federal Reserve independence will also add to near term challenges. When it comes to monetary policy, the stakes are high for nonfarm payrolls. As far as Wall Street is concerned, a cut at the September meeting from the Fed is in the bag. Markets were last pricing in a quarter point cut at the Sept. 16-17 meeting. But traders are now questioning what they can expect going forward . With every Fed meeting between now and the end of the year expected to be live, every economic release is getting as much scrutiny as it's ever done. But there's another reason for the careful attention. The July jobs data was so poor it

See Full Page