Hot jobs report puts Fed cuts further out of reach as Chair Warsh faces policy tests
Macro
The May jobs report showed continued strength, pushing back expectations for near-term interest rate cuts by the Federal Reserve. This sustained economic vigor implies a 'higher for longer' rate environment, likely bolstering the dollar and pressuring rate-sensitive sectors.
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Angle
↑ LONG+2% target-1% stop2-4 weeks
Long USD via UUP as robust jobs data confirms the Fed's 'higher for longer' stance, delaying rate cuts.