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The May jobs report came in strong this morning. 172,000 new jobs. Unemployment steady at 4.3%. Wages up. The stock market fell anyway. The economy printed good news, and prices dropped, because good news means the Fed has an excuse to keep money expensive. Prediction markets flipped today to pricing a rate hike this year. A strong labor market is now a market risk. That's not a functioning market reacting to fundamentals. That's a casino watching one table, waiting to see what twelve people on a committee decide to do with the price of money. Every asset you own is now a bet on the Fed's next mood. Stocks, bonds, your savings account, your mortgage. The number that should matter, are people working, gets read backwards, because the only variable left is whether the printer slows down or speeds up. Bitcoin doesn't have an FOMC. There's no committee that meets eight times a year to decide whether you're allowed to keep your purchasing power. The supply schedule was set in 2009 and no jobs report changes it. Stop pricing your life in a unit that moves on a committee's mood. Hold the one that doesn't.

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