Ed Elson

I mean, it seems that a lot of people, this is seemingly good news.

A lot of people don't want to hear the good news because maybe their experience of the economy isn't great or they don't support the president.

I mean, what would you say to those people who don't believe those numbers?

Just in terms of where the strength is in the job market, something that we've been keeping track of is over the past...

few months, really, I guess, more than a year now, it seems as though the one place where the job market is really strengthening and growing is healthcare, and then everything else seems to be kind of lagging.

Is that still true?

Now, just turning to the stock market, fell pretty precipitously.

And it's kind of interesting why that is happening.

Could you just walk us through why are investors not excited about this report that seems to be showing that the economy is doing well?

And it was one of the key themes going into 2026 from an investor perspective, which is that we were entering what we all thought was a rate-cutting environment.

And now it appears after this data, which, yes, gives us good news, but it essentially means that we all have one problem, and that problem is inflation.

What do we want to do about it?

The only real solution to that, if you're at the Federal Reserve, is you hike rates.

And now we look at

The odds on Kalshi of a rate hike before the end of the year in 2026 has gone up to around 52%.

So it seems very probable.

I guess, I mean, I think we're all on the same page.

If we enter a rate hiking environment, that's not a great thing for stocks, particularly these tech stocks that you mentioned.

But then there's a question of how probable is it really?

Yeah.