Before we jump into the jobs data, let’s take a quick look at housing and tariffs. Housing Yesterday, the President announced that he had instructed people to buy $200 billion of mortgages. As is often the case, it was not accompanied by any detail, but it fits our theme that “markets are underestimating what this admin will do for rates.” We have argued that the admin has 3 goals (pay more attention to Bessent here than the President): Front-end rates at or below 3%. 10-Year Treasury yields below 4% (i.e., with a 3 “handle”). Lower Mortgage Rates, which come from ... NFP Instant Reaction: Jobs, Housing, and Tariffs