The Jobs Report Reveals a Booming Labor Market. Here’s Where Interest Rates Are Headed.

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Good news for Main Street, not so good news for Wall Street.

Once again, a booming labor market is likely to translate to losses in bonds and stocks as the Fed and other major central banks remove the extraordinary stimulus enacted in response to the pandemic nearly two years ago.

Any doubt of that was quelled on Friday with the report of a shockingly big rise of 467,000 in January U.S. nonfarm payrolls,…