Daly's remarks differentiate between a softening and weakening labor market, impacting investor outlook. A softening market, indicating a return to normal growth, may not significantly move SPY. However, the mention of policy rate adjustments if the market weakens could introduce volatility. The relevance is high as SPY tracks the broader market, which is sensitive to Fed policies. The importance is moderate, reflecting the indirect impact of labor market conditions on SPY. Confidence in this analysis is strong, based on historical reactions to Fed communications.