The jobs reports came out, and it wasn’t that big a divergence from predictions. The rate is at 4.2% still, although hourly wages are heating up a bit faster than thought, and new jobs were a bit weaker than thought. Overall, a “stagflation” type picture, although the immediate reaction has shaved off a bit of equity weakness. As I’m typing this, equities are down fractionally, but still just a touch red.
