jonathan: ben laidler of each tour of -- of etoro. bill dudley. "the fed must respond, most likely by pushing the economy into a recession." tom: let's be honest, it is monday. it is summer. we have broken the heatwave on the east coast. we are all feeling better. actually got below 59th street this weekend. the statue outside rockefeller center. jonathan: that is how far down you got? tom: near sachs. it is a no news monday, but friday is a serious jobs report, and that is what matters to dr. dudley. does the labor market crack, or do we get wage inflation? that is the fear over and -- fear overlaying the need to get back to 2%. jonathan: just a slight deceleration, something around the 200s. lisa: that is going to be the most important figure of the week. initial jobless claims have increasing importance because that seems to be the datapoint's federal reserve is most keyed into because that was the one they highlighted was still resilient, and the reason why they couldn't -- they could continue to raise rates as quickly as they wanted to. jonat