Today we will hit two topics, NPF and MOAB. Let’s Start with NFP About as good as it gets for the economy, not so good for Fed cuts. Not only were the headline jobs better than the top estimates on Bloomberg (303k jobs), but we also revised prior job reports up by 22k. Wages are doing reasonably well, with monthly wages coming in 0.3%. What is most impressive to me is the unemployment rate coming down to 3.8%. That occurred while the participation rate increased nicely. At 62.7%, it is just a smidge below the post-Covid high of 62.8%. The ... Instant Reaction – NFP and MOAB