For this week’s Trading Take, Beimnet Abebe (Galaxy Trading) and Alex Thorn (Galaxy Research) discuss the surprising BLS revisions that erased 910,000 payroll jobs and what this means for the Fed’s rate-cutting path. They examine how a weakening labor market intersects with aggressive Treasury issuance, reserve dynamics, and inflation data, and whether the Fed risks damaging its long-term credibility by cutting into persistent price pressures.

The conversation also touches on growing political drama in Washington, how credibility is built and lost across institutions, and what it all means for markets navigating the balance between economic weakness and risk appetite.