Friday's jobs report crushed forecasts and that changes the whole conversation heading into next week's CPI print. A hot labor market gives the Fed room to stay restrictive longer, especially if wage growth keeps ticking up alongside headline payrolls. I don't think a hike is the base case right now, but a hold with hawkish language feels increasingly likely if CPI comes in sticky too. The bond market already flinched, yields moved higher within minutes of the release, and rate cut odds for upcoming meetings got pushed further out. My read is that policymakers want more confirmation before declaring victory on inflation, and one strong jobs report alone won't flip that stance overnight. CPI is really the test that matters now. A surprise to the upside there could put a hike back on the table, something markets weren't seriously pricing in a month ago. Curious how everyone else is positioning ahead of the print, hedging or staying put?

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