The June jobs report does little to reconcile a hazy outlook for Fed cuts besides very likely torpedoing whatever chance there was of a July cut, particularly if stocks continue to push to new highs. https://www.wsj.com/economy/central-banking/june-jobs-report-likely-to-extend-feds-summer-pause-2e523c1e?st=gYbiCg&reflink=desktopwebshare_permalink If you thought the labor market was gently cooling and were worried about a non-linear rise in unemployment, you'll be able to point to the narrow breadth of hiring to sustain this argument. If you thought the labor market was in fundamentally decent shape and bound to hit choppy air amid the April policy chaos on tariffs, plus more muscular efforts to deport workers here illegally (which hits supply and demand), plus federal cutbacks, this report also confirms your priors.