(https://www.marketwatch.com/story/the-u-s-economy-created-fewer-new-jobs-in-2025-26-than-initially-reported-heres-how-big-the-change-is-175efd60?mod=mw_rss_topstories) than initially reported over the past 18 months — a quiet but critical revision that nobody's pricing into rate expectations. You had Warsh jawboning rate hikes yesterday on "elevated inflation," but the real story is that income support is tightening faster than the Fed admits.

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