US economic data is suggesting a slowing US economy, with the question about tariff-inflation unresolved. Unlike the Fed, the ECB continues to ease, lowering its policy rates 25bps on Thursday (for the 8th time). Risk markets remain relatively resilient, and bond yields improved, too. The Trump-Musk feud has grabbed headlines this week.

Risk remains asymmetrical to the downside, but a robust US jobs report cheered risk investors on Friday and sent UST yields sharply higher.

Earnings and economic data were all relatively to the liking of equity and bond investors alike, providing a boost for assets last week.

Last week dominated by five "Mag 7" companies that reported earnings (mixed bag), Fed and BoE monetary policy meetings, and economic data.

This article is about jobs, more specifically, what is the key data? And what does the most recent data suggest about the future?

The perfect storm of economic news cheered bond and stock investors, with asset prices rising across the board in the US. RoW less clear.

US jobs data was sufficiently solid, largely as expected, that it wrecked the recent rally in stocks. UST yields were sent higher, too.

Debt ceiling done as attention turns to the Fed's next move. US jobs data continues to suggest resiliency, and equities are liking it.

Oil settles, inflation rages, Ukraine-Russia war drags on. The result? Equities rally, Treasuries get hammered. The yield curve inverts.