The NFP data is usually quite a big deal for the market. I’m not horribly excited about this report for the following reasons: We continue to believe that seasonal issues distort the initial reads early in the year. That the data, marginal as it is, will likely be revised down as the year goes on. Not as much as last year, but by a non-trivial amount. The data is from February. Back when “tariffs were a negotiating point” and the “Trump Put” still had a following. I’m not convinced that it will tell us much going forward, but we will ... NFP Instant Reaction – Rearview Mirror at its Worst