Institutional analyst Jersey on US nonfarm payrolls: the labor market is hard to describe as anything but strong. For the interest-rate market, risks tilt toward further hikes and away from cuts. Kevin Walsh says he would find it difficult to persuade other FOMC members to lower rates. We do not expect an immediate hike, but if several more payroll prints like this occur, multiple rate hikes become our baseline scenario.

2026-06-05

Institutional analyst Jersey on US nonfarm payrolls: the labor market is hard to describe as anything but strong. For the interest-rate market, risks tilt toward further hikes and away from cuts. Kevin Walsh says he would find it difficult to persuade other FOMC members to lower rates. We do not expect an immediate hike, but if several more payroll prints like this occur, multiple rate hikes become our baseline scenario.