Julia Coronado

So both are concerns, and that's the challenge for central banks.

The risks to both sides of their mandates are very high right now.

Probably the March report is a little early to see a war impact.

In fact, we're going to have the return of about 30,000 striking workers and a very warm month, probably boosting job gains in March.

So I think it's a little bit early to see it in the jobs numbers.

My pleasure.

Remember that the lifting of the fog was supposed to be a tailwind for the U.S.

economy this year, that we'd made some deals and the dust was settling, and now we've kicked up all the dust all over again.

So the market doesn't quite know what to do with it, but it certainly is another risk factor to add to the list.

Yes, I think one of the reactions to policy chaos in the U.S.

has been to seek safe havens.

That's been a reliable trend, and that certainly seems to remain in place on this news.

And it will take at least a few days to impose the new set of tariffs under the new guidelines and the new legal rationale.

And then, of course, we have hundreds of billions of dollars in refunds to process, which is not likely to happen quickly.

So lots of moving parts to this evolving trade strategy.

Yes, a very strong number for January.

We have to look at it with some caution.

They warned us that winter weather reduced the response rate to the survey.

And we have sort of a wild jump in health care hiring more than one hundred and thirty thousand jobs worldwide.

That seems a little suspect, but the unemployment rate tells us that it is still a decent job market.