Unemployment edged up to 4.1%, but persistent wage growth reinforced concerns about sticky inflation.

Green stated the labor market strength “changes everything,” noting Treasury yields rose and the dollar surged post-report. “The Fed has no justification to cut rates in this environment,” he emphasized, urging investors to reassess portfolios immediately. He warned against emerging-market exposure without dollar hedging and advised shifting to defensive equities.

The data challenges expectations of synchronized global rate cuts, highlighting the US economy’s outperformance versus Europe and the UK. Green dismissed political pressure on the Fed ahead of elections, stressing decisions remain data-driven. Markets now anticipate prolonged higher rates and increased volatility.