It was a 'good' week for macro data... {chart} ...but 'soft' survey data remains mired in depression as the 'aggregate' hard data holds strong... {chart} Of course, good news is bad news for the doves and rate-cut expectations for 2024 are down (particularly after today's big payrolls headline beat) well below three cuts expected by the 'median' Fed dot... {chart} ...and the odds of a cut in June have tumbled back to a coin-toss... {chart} And to rub salt in the wounds of the doves, inflation expectations are back on the rise bigly... {chart} Stocks initially down-pumped on the hjobs data (good is bad) then went into ... (full story)