Companies are still hiring but not like MAD, which is good news for inflation and lower interest rates.

I'm David Brancaccio in New York. The bond market is surging bringing the 10-year interest rate down to 4.49%.

This afternoon, this morning that 175,000 more people were on payrolls in April versus March.

Now that's less than expected and 44% lower than the job growth of a month earlier.

The unemployment rate rose slightly to 3.9%.

Christopher Lowe is chief economist at FHN Financial here in New York.

Hey Chris?

Good morning, David.

For those who lay awake at night worried about inflation, and that is a lot of people,

this is the sort of result they want to see.

That's right. Look, there's something for everyone in this one.

175,000 new jobs in the month, there's nothing to sneeze at.

That's still pretty good.

But it's not the kind of boiling over job growth

we saw through the first quarter.

Now, this is just days after the head of the Federal Reserve declined to rule out, not a

cut in interest rates, but actually raising interest rates in the fight against inflation. This is a whole new world now this morning.

Oh, you could say that again. You know, just a couple of days ago, traders were fully confident in a rate cut but not until December.

Now they're flirting with the possibility that hey,

maybe it comes as soon as September.

So it's a pretty dramatic shift in sentiment in the market and I think it's

consistent with the Fed message, right? If we see the kind of things in the labor

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