Flash Macro: U.S. Jobs

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How are we thinking about the April U.S. jobs report? 

The U.S. payrolls report for April showed a cooling but healthy labor market, consistent with the balanced economic backdrop that Chair Powell described in making his case for patience at the May FOMC.

Our Take: We continue to think the Fed will still be more focused on its inflation mandate than its employment mandate in coming months (which is why we see them holding short rates at 5.375% through year-end, versus the consensus expectation for 2 rate cuts).