Employers created a stunningly strong 353,000 new jobs in January, and December employment was revised up from 216,000 to a hefty 333,000. While freakishly cold weather and seasonal adjustment factors undoubtedly had an impact, the economy isn’t rolling over. Moreover, wage growth was a strong 0.6% M-o-M and 4.5% Y-o-Y. While stellar for job hunters, this is putting the Fed on hold. An initial June rate cut is most likely.