Jobs report blows estimates out of the water. Unemployment remains at all time lows. Mortgage rates take a huge hit this morning. I should have locked yesterday but my fawking crystal ball was broken. I didn't expect a bad jobs report but I also didn't expect this kaboom. The stock market was up on the news but this complicates the Fed's next move. How can they drop rates in Q3 like they hinted at with a strong labor market and inflation still not at their target number? Wages also saw an increase.
stock market not gonna like that jobs number, but it is clear the U.S. market is the preferred place to be, as the U.S. dollar will continue to strengthen materially while Europe is barely tip-toeing around a recession and China is facing a property/deflation minefield.
Powell's opening statement pretty much sums up where the Fed stands as of now anyway.