115k jobs is better than needed to absorb new entrants, but labor force shrank by 97k. Unemployment rate at 4.3% is essentially unchanged. Fed will look past this data and focus on inflation, which is getting worse. Healthcare added 59k jobs, transportation 33k. Manufacturing declined. Federal government down 9k, 348k over 12 months.

Revisions took 16k away from February. Labor force is in stasis. No real problems for the Fed to worry about on the jobs front.

AI may be causing job cuts. Block explicitly cited AI. Tech and finance will be affected quickly, also legal. Other sectors will take longer.

Companies don't yet know exactly which jobs AI will replace, but the trend is emerging.

Does the strong jobs market kill hopes of a rate cut this year?

Strong supply-side growth puts downward pressure on inflation, enabling rate cuts.

FOMC dissents suggest pushback against a potential Warsh Fed chair.

Expects rate cuts this year under Kevin Warsh, who will convince colleagues that supply shocks don't require rate hikes.

Court of International Trade declared Section 122 tariffs unlawful; does this put the White House at a disadvantage in China talks?

The ruling affects only one corner of trade policy; the strategy is to finalize deals using ironclad 301 and 232 authorities.

Jeffrey Gundlach suggests the government might unilaterally lower coupons on existing debt; is that a direction the administration would consider?

There is zero chance of any action resembling a debt default; the administration believes in a strong dollar and fiscal responsibility.