More than double the expected number of jobs were added. This should have been a much bigger deal than it was. Instead the market was down a bit premarket and after opening, only to bounce back into the green before noon.
What's going on? Do we think the new jobs will increase supply to offset the demand they create, leaving inflation to continue its downward trend and the Fed not compelled to hike rates again?
Are we really starting to buy in to the soft landing scenario? Perhaps all the pain that needed to be had to reset the economic cycle has already been suffered between the pandemic and the bear market of 2022. Why else did today's data leave the market unfazed?
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