The January jobs report came in much hotter than expected. The economy added 130k jobs compared to the 55k forecast. Unemployment dropped to 4.3%. This strong data pushed the 10-year yield up to 4.2% and significantly lowered the chance of a March rate cut. Traders are now pricing in just a 6% probability of a cut next month, down from 22%. Despite the rate outlook, stock futures are green with the Nasdaq leading the way. It is worth noting that previous data for 2025 was revised down heavily, so last year's growth was actually weaker than originally reported.