The US payrolls data was stronger than expected on Friday. The US President summarised it in three words, all of them ‘Jobs!’ It boosted the US dollar, hit equities (except banking stocks) ands reversed the downward trend in bond yields. Phil Dobbie asks NAB’s Rodrigo Catril how one report can have such a marked impact – and what does it mean for rate cut expectations from the Fed? The President, of course, wants to see more cuts, suggesting the Fed is the most difficult problem facing the US. How will Jerome Powell respond to that when he faces the Senate on two days this week?