[172k jobs](https://www.cnbc.com/2026/06/05/jobs-report-may-2026.html) beating 80k expectations is getting framed as "the economy is resilient." But zoom past the headline: unemployment steady at 4.3% and the 10Y yield holding at 4.47% tells you the real story. The Fed didn't raise rates because employment was weak — it raised because wages stay sticky.

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