Barry Knapp gives his takeaways from the jobs report. He sees the labor market at a “tipping point” and discusses recent Fed member comments about cutting rates this year. Unemployment could “shoot up really quickly,” he argues, and sees a potential “growth scare” in August caused by tariffs and other pressures. Barry expects a 50 basis-point cut in September, and in fact thinks we could be 100 basis points lower by the end of the year. “We have a very weak economy right now,” he says, and believes that no rate cut was the wrong move this week.