00:00Jeff, your first take on that jobs report. Yeah, it's really this tradeoff between the headline strong, better than expected
00:07payroll number and a little bit weaker on the late on the income side.
00:12I think that tradeoff is kind of pushing the market reaction, kind of first reaction a little bit more towards
00:18the disinflation side.
00:21But this is all very much, Jonathan, on the margin. But I think that's the take from the payroll report.
00:27Not a huge change in terms of the information. I think it's steady as it goes.
00:31I think Mike Collins at PGM said it well, like this kind of maintains the status quo.
00:37And, you know, the market's kind of pricing that in terms of the expectations for the Fed.
00:42So I don't think this really changes that story. But if anything, there's a story coming out.
00:46It's a little bit on the margin, the weakness on the on the income side.
00:51Do you think going forward on the margins that payrolls report is going to be less and less relevant to
00:56risk appetite going forward, as we seem to be seeing this morning?
01:01Yeah, well, it's just because what is the dominant theme that that is driving all things in these markets, whether
01:08you're a macro player or a micro player?
01:11The story isn't really so much traditional macroeconomics.
01:16Macroeconomics have been taken over by the A.I. theme. Right.
01:20So when we look at the GDP statistics, when we look at spending, you know, it's less about the consumption
01:27that's moving and much more about the capital expenditures.
01:31And we know that story is much more about A.I.
01:33And then when you look at financial markets, it's really much more about the impact of A.I.
01:39So, you know, payrolls, they're important.
01:42They're they're they're a big summary measure.
01:44But there's a lot of dispersion going on.
01:47And you guys talked about in the early segments.
01:49You know, what you see a lot more in the payroll reports is that education and that health care space.
01:54Yes, that's that's that's an impact.
01:57But what we're seeing in financial markets, both macro and micro, it's just much more about this A.I. theme.
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