Bloomberg — 2026-06-05#

Lead Story#

The US economy added a staggering 172,000 jobs in May, crushing forecasts and dramatically altering the trajectory of Federal Reserve policy. The blowout payrolls report—which held the unemployment rate steady at 4.3%—demolished the case for imminent rate cuts, driving traders to fully price in a rate hike by year-end and sparking a broad selloff across tech stocks and Treasuries.