Brian Jacobsen and Patrick Healey react to the latest jobs data. Brian says that the Fed will want to slow-walk back its comments about economic strength because it would look bad for them to seem surprised. He also says, “maybe May and June are as bad as it gets,” and things will improve going forward. Patrick says the stock market was “looking for a reason to correct.” He says the jobs report revisions cast doubt on the numbers yet to come and emphasizes the Fed’s difficult job in gauging rates while relying on backwards-looking data.

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