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"We think we are going to need to do further rate increases. The labor market is extraordinarily strong," Powell said Tuesday.

That's a real possibility, according to some employment attorneys and regulatory experts, with the push potentially coming from state attorneys general rather than the federal government.

More than 60% of a typical performance rating can be attributed to the idiosyncrasies of the manager.

Some analysts attribute the shockingly strong jobs numbers to government adjustments of the raw data. Others believe the labor market is actually still shockingly strong.

Large Wall Street dealers already stand to lose $5 million to $10 million if the spread between overnight and term SOFR moves against them by just 1 basis point, and their exposure grows with every new transaction.

Hiring unexpectedly surged, and the nation's unemployment rate fell to a 53-year low.

"The heavy lifting is done, but it doesn't mean the job is finished."

The effects of the war will likely be felt around the world, for years to come.