Guys, thanks so much. Welcome to closing bell. I'm Scott Wobner live from Post 9 here at the New York Stock Exchange. This maker breakout begins with anxious markets, partly over the AI trade and now a new variable. The state of the economy and the jobs market. Just when run it hot was all the rage. Well, ask our experts what it all means coming up. Here's the scorecard with 60 to go in regulation today. a good amount of red on the board, as you can clearly see, NASDAQ trying to go positive, though, all of it following that jobs print today, the unemployment rate to 4-6. It's key to watch. Cyclical areas of the market, as you're probably not surprised, are lower as a result. And then there is core weave. It is throwing off fresh concerns about the

AI trade today. We'll have more on that coming up in just a bit. It does take us to our talk of the

tape where this market and where this economy are going. Let's first get some more clues from

another Fed member who is making comments this afternoon. Senior economics correspondent. Steve Leesman

joins us with more. Steve.

Hey, Scott, yeah, outgoing Atlanta Fed President Rafael Bostick's not too concerned about the jobs

numbers saying he expected them, but he was opposed to the last rate cuts as the Fed's credibility

is on the line with five years of above target inflation. He's concerned rate cuts could

anchor inflation expectations, could unanchor inflation expectations. The surveys that he does

from the Atlanta Fed show firms will continue to increase prices into 2026. The Fed, he says,

should keep policy restrictive to hold the line on inflation and gets

a little colorful when he says the Fed should not be too hasty to call to kill the beast, sorry,

to call the beast slain. He prefers to wait for additional government data, Scott. So of course,

he's retiring early next year, early next year or so he won't be voting, but perhaps reflecting some of the hawkishness on the Fed Board as it exists now.

I mean, willing to take the risk on the labor market.

He might not be concerned about the numbers we got today that he expected them.

However, 4-6 gets the attention of a lot of people today on the unemployment rate and the hopes that

it's not going in that direction from here.

That is true, right?

But remember, Scott, if you take a risk on the employment side by cutting rates, you take a risk

on the inflation side.

So I think it was Powell, who said there are no risklessless choices here that there's a risk at either side.

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