Job Description — Find Better Numbers, or Else: John Authers

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Today’s Points:

• Employment numbers gave markets their worst reversal since Liberation Day.
• Trump then fired the head of the Bureau of Labor Statistics.
• The next Fed chair could be on the board within weeks after Kugler stepped down.
• Second-quarter earnings have barely done enough to keep the party going.
• AND: Some sporting singalongs.

Thud

It’s amazing how quickly momentum can reverse. The rally for risk assets had grown to look unstoppable since the US administration announced its first climbdown from the Liberation Day tariffs back ...