Normally we delve into NFP in some detail. Today, I think it is safe to ignore it. As a whole, the report was better than I expected, which in a “steady state” economy, might mean something. The jobs data has little to do with DOGE or with tariffs (though some work may have been pulled forward as companies tried to beat the tariff deadlines). Powell was quite balanced. Job risk versus inflation risk. Many were hoping for a Powell Put, but we aren’t getting one, at least not yet. In some ways tariffs are a “one-time” pop on goods, and ... NFP, Powell, and Tariffs