Woofun AI notes that analyst Eric Merlis highlighted June nonfarm payrolls missing expectations, contrasting with earlier upside surprises. Despite the miss, job creation persists with wage growth showing no acceleration. Merlis stated that weakening labor force participation and cooling hiring validate the Fed's previous decision to hold rates steady as a patient approach rather than a mistake.

Concurrently, markets are repricing, reducing the likelihood of future rate hikes as inflation discussions continue.