Damn it, Gary! Did you forget we’re supposed to be making America great again, not just riding on the coattails of the last guy in office? Keep this up, and there’ll be no more TV appearances for you. In fact, for your sake, we hope you’re in a safe, undisclosed location right now.

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Janet Yellen should also consider getting out of town

Earlier this week, we discussed the already tense relationship between Donald Trump and Federal Reserve chair Janet Yellen, who Trump said should be “ashamed of herself” for keeping interest rates low in some conspiratorial attempt to make the stock market look good for Obama. It’s about to get yet more tense. In this case, though, it’s because Trump doesn’t want Yellen to raise rates anymore, as she’s signaled she’ll do next week, because that would slow down the growth projections Trump has staked his legacy on. Because Trump has a vested interest in the manufactured narrative that the U.S. economy was a pile of rubble before the former Apprentice host brings it back to glory, he thinks the central bank should not pump the brakes in any way. But as Politico has said, Yellen’s view is that “the U.S. economy as operating near its peak potential with unemployment as low as it can go without sparking inflation and the stock market flirting with irrational exuberance.” Today’s strong jobs report, according to economist Gus Faucher, “seals the deal for a rate hike next week. The labor market is where the Fed wants it to be.”

Hedge funds get burned on Trump Trade

Per The Wall Street Journal: “These so-called macro funds, which manage around $575 billion in assets and trade bonds, currencies and stocks, made huge gains in the wake of Mr. Trump’s U.S. election victory in November. Managers, starved of attractive trades for years, profited from a stronger dollar and higher Treasury yields. Hopes that Mr. Trump’s pledges of government spending would boost growth and inflation sent the 10-year Treasury yield from 1.86 percent to 2.6 percent by mid-December, while the euro fell 5 percent against the dollar. But the greenback and Treasury yields have gone into reverse since mid-December, hitting the performance of many of these funds. Concerns have grown over the details and timing of Mr. Trump’s fiscal spending plans and whether interest rate rises from the Federal Reserve will constrain longer-term growth.”

U.B.S. has good news and less good news

The good news: employees are still getting bonuses, despite the fact that, according to Bloomberg, “market volatility at the start of 2016 took a bite out of U.B.S.’s profit” and that the bank “missed out on a debt-trading bonanza, largely as a result of a its post-crisis strategy.” The less good news is that those bonuses will be the smallest they‘ve been in four years. Better luck next year, U.B.S. employees.

Oh, O.K., makes sense

Were you worried that Trump, or someone on Team Trump, wouldn’t address the fact that, while running for president, he claimed the unemployment rate was “phony” and not to be trusted and something like almost half the country was out of work, but now we can apparently believe it? Fear not! During his televised briefing with the press Friday, White House press secretary Sean Spicer explained:

“I talked to the president prior to this [briefing], and he said to quote him for this, ‘[The jobs reports] may have been phony in the past, but it’s very real now.’ ”

In other Spicey news, the press secretary might have broken a federal rule by tweeting about the jobs report earlier than he was supposed to.

Elsewhere!

Wall Street’s Volatility Pioneer Searches for Latest Fear Trade (W.S.J.)

Another Hollywood Talent Agency Takes Stake in a Bank (W.S.J.)

White House civil war breaks out over trade (Financial Times)

“A company that claimed to sell marijuana vending machines got in trouble with the federal government for (allegedly) not selling marijuana vending machines” (Matt Levine)

Inside New York’s Pension-Fund Scandal: What Went Unchecked (W.S.J.)

Embattled Uber hires high-powered recruiting firm to find a second in command (CNBC)

Proof Daylight Saving Time Is Dumb, Dangerous, and Costly (Bloomberg)

RadioShack files for bankruptcy, again (yes, RadioShack is still a company) (N.Y.P.)

The yacht from *Skyfall *can be yours for $9.4 million (Business Insider)