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The labor market is quietly testing Warsh's Fed. After weeks of hawkish talk and open hike dissents, the latest jobs data came in softer than the narrative, with prior months revised down and hiring fading. A hawkish chair now has to square inflation vigilance with a labor market cooling under him. If the weakness is real, the hike case fades and the hold-then-cut path reopens, which is what risk assets are leaning toward. Data over rhetoric. DYOR. #LaborMarketTestsWalsh