Equity futures tanked and Treasury yields spiked this morning after the Bureau of Labor Statistics reported the U.S. economy added 528,000 jobs in July, as investors priced in another 75-basis-point rate hike when the Federal Reserve meets in September. The major U.S. stock indexes rallied, rolled over, and rallied again into the afternoon, reflecting what remains the murkiest macro environment in recent memory. Meanwhile, on the increasingly fraught geopolitical front, China stepped up its military activity around Taiwan, sanctioned Nancy Pelosi, and cut off military and climate talks with the U.S. Maggie Lake welcomes Jeffrey Schulze, a director and an investment strategist at ClearBridge Investments, to the Daily Briefing to talk about today’s jobs report and what it means for the Fed, markets, and investors.