Bad news for the economy was apparently great news for the markets yesterday.

The July jobs report came in softer than anyone expected and instead of panicking investors basically threw a party. US stocks rallied. Bonds rallied. Even the yen bounced back against the dollar. Per Reuters the whole thing turned into a broad risk-on move that caught a lot of people off guard.

Why this happened. When the jobs numbers are weak the market starts pricing in the idea that the Federal Reserve will eventually have to cut interest rates to keep things from slowing down too much. Lower rates mean cheaper borrowing, which means companies can grow more easily, which means stock prices go up. A crummy economic signal somehow translates into a green portfolio. But that's the market we've got.

And bonds rallied for the exact same reason. When rate cuts look more likely existing bonds with higher yields suddenly become more valuable. If you're holding a bond paying 4.5 percent and new bonds might soon pay less yours is worth more. Basic supply and demand. I spent way too long understanding bond pricing during my debt payoff years and it's one of those things that sounds boring until you realize it directly affects your retirement account.

The yen bouncing back is its own story. A weaker US jobs report makes the dollar a little less attractive and the yen had been getting hammered for months. A bounce was overdue. Whether it holds is anyone's guess.

What does this mean for you if you're not a day trader staring at tickers all afternoon?

Probably nothing. And I mean that in the nicest way possible.

Warren and I were texting about this last night. He's convinced the rally is a head fake and that people are celebrating rate cuts that might not actually come fast enough. I told him he might be right but it doesn't change my plan either way. He sent back a thumbs up emoji which is Warren's way of saying "I disagree but I'm tired of arguing."

I bought my usual index fund shares this week. Same as every week. Same as I'll do next week. The jobs number being soft doesn't change my contribution amount. The rally doesn't make me want to sell. The yen bouncing doesn't affect a single dollar in my budget.

Market reactions to economic data are fun to watch. Sometimes they're even profitable if you're trading actively which I mostly don't do beyond a few individual stock picks I track here. But for the bulk of your money the boring strategy still wins. You buy on schedule. You hold through the noise. You check your portfolio maybe once a week instead of refreshing it every twenty minutes like I definitely did in my early twenties.

The jobs report tells us the economy might be cooling. Pay attention to that if you're job hunting or thinking about a career move. Notice it if you run a side hustle and customer spending feels a little lighter than usual. But it's not a signal to overhaul your investment strategy.

Keep buying. Keep holding. And if you've been waiting for a "good time" to start investing the answer is still the same as it was last month and the month before that. Just start.