Wall Street spent the week squinting at conflicting job numbers, blinking through tariff theatrics, and nodding calmly as the Federal Reserve’s rate-cut hopes receded further into the distance. Yet despite the noise—from a surprise drop in ADP payrolls to a better-than-expected official labor report and new tariffs on Vietnamese imports—the market barely flinched, buoyed by its tireless faith in soft landings and benign outcomes.

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