Solid jobs report is just enough for traders to retake the market narrative
The 163,000 jobs created in April was just a tad below the 195,000 expected, and not too strong to allow bears to claim the Fed was going to get more aggressive raising rates. Global growth is not slowing dramatically, first quarter GDP weakness in the U.S. is typical, inflation is under control and earnings growth is continuing. Bulls have regained some control of the narrative — for the moment.