Good Friday morning from your hometown lender,

Today is Jobs report day and as usual, it didn’t disappoint.

That is if you like the adrenaline of volatility. The report came in marginally stronger but with backward revisions, the report was flat. Many of the federal workers that were caught up in the wave of firings are not yet showing up as unemployed because they are on paid leave or are receiving severance pay. The bond vigilantes took the opportunity to sell and push the 10yr note back to where we were the beginning of the week. 

President Trump took the opportunity to spin the news and call out Powell to cut rates by 100bps..

As expected, no reaction from the Fed.Despite persistent headwinds, existing home sales are set to increase by 6% this year and 11% next year, while new home sales are expected to increase by 10% in 2025 and 5% next year, according to National Association of Realtors chief economist Lawrence Yun.

So me economists are beginning to question the accuracy of recent U.S. inflation data after the federal government said staffing shortages hampered its ability to conduct a massive monthly survey.

The Bureau of Labor Statistics, the office that publishes the inflation rate, told outside economists this week that a hiring freeze at the agency was forcing the survey to cut back on the number of businesses where it checks prices. In last month’s inflation report, which examined prices in April, government statisticians had to use a less precise method for guessing price changes more extensively than they did in the past.

Economists say the staffing shortage raises questions about the quality of recent and coming inflation reports.

There is no sign of an intentional effort to publish false or misleading statistics. But any problems with the data could have major implications for the economy. So there’s that too…

Stay safe, have a fantastic weekend but first, make today great!