The complete flip in perspectives on the US economy & interest rates as a result of the jobs revisions is comical. BLS over-reported +109,000 hires at US Public Schools (!?!), and suddenly all the people who were good with no rate cuts a week ago, are now screaming for cuts.

There are just so many crazy parts to this story. How can the BLS not get good data from other parts of… the government? What did Powell know or didn’t know, and why? Who’s responsible? How can one single data point flip everyone? And should it, or shouldn’t it?