″[The May jobs report] was perhaps the most shocking positive surprise for markets, and the biggest miss for economists, so you have to look into that. The complication is you have not two, but three factors we’ve been talking about today. One is — is it reflecting the economy picking up quickly? Two is — is there something about the data? But there’s a third one — the impact of government policy. So both policymakers and economists are continuing to scratch their head, and they’re going to have to err on one side or the other of an uncertain balance. Markets are completely different — it confirms a win-win. And this win-win hypothesis — I win if it’s a recovery, and I’m still winning if it’s not because policymakers will do more — has powered this market in a really impressive way and will continue to do so.”
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