Even still, there was a lot to like in the employment report — above all else it showed the U.S. trade war with China isn’t crippling the U.S. labor market. That should give investors hope that the second quarter earnings season will not be a total disaster, as results from logistics giant FedEx (FDX) suggested two weeks ago.

Moreover, there continues to be a strong possibility of what Wall Street calls an ‘insurance rate cut’ at the upcoming FOMC meeting. That is a 25-basis point rate cut by the Jerome Powell-led Fed as a means to protect the U.S. economy from slowing down too much.

A rate cut of any kind amid a re-acceleration in the labor market and a 3.7% unemployment rate? Can you say Trump economic sweet-spot?