Energy Shock, Dollar Fatigue, and the Cracks Beneath the Payroll Beat

NFP's +178K headline masks a ~100K underlying pace once strike resolution, weather and birth-death bias are stripped out, and the dollar's rate advantage has eroded to Feb 2022 levels. LATAM Airlines is the featured asymmetric setup: down 30% on sector contagion with zero Hormuz exposure, domestic fuel sourcing and 28.6% EBITDA margins.

Published Apr 5, 2026. Views and model assumptions reflect the publication date and may have changed.