May jobs report is out: NFP +172K (exp +85K), unemployment steady at 4.3%, private payrolls +120K, wages +0.3% MoM right on target. Labor market showing real resilience. The economy is in very good shape. This pushes rate cut expectations further out so my base case remains: no cut until December at the earliest, or even early 2027 once energy impacts are fully digested. Good data should be welcomed. Any near-term weakness in the tape looks more technical than fundamental. The foundation stays pretty solid.
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