January non-farm payrolls of 130K beat expectations. Unemployment rate fell to 4.3% despite higher labor force participation. Private payrolls strong at 172K, manufacturing up 5K.

Wage inflation remains problematic: hourly earnings up 0.4% MoM and 3.7% YoY, higher than expected.

This strong jobs report reverses last week's weak labor data trend and pushes Fed rate cuts further out.

Agrees rate cuts are being pushed back. Weak retail sales may be weather-related. Bank of America consumer data shows solid numbers.

10-year yield is ticking up and interest rate cuts are sliding back. Jerome Powell unlikely to cut rates in next two meetings.

30-year mortgage rate unchanged at 6.21%. Housing market remains in slump despite lower rates, not showing big jump.