Why the Jobs Market Has Wall Street and Washington on Edge

Andrew here, wishing you a happy early Fourth of July — and, more important, a happy 250th birthday to the U.S. On Wednesday, I spoke with Brad Smith, Microsoft’s president, who was en route to Medora, N.D., to speak on Thursday alongside the prominent historian Doris Kearns Goodwin at the grand opening of the new Theodore Roosevelt Presidential Library.

Smith has been reflecting on the country’s trajectory as part of a passion project analyzing American history through the lens of innovation. (You can watch the first video in the project here). He reminded me that progress is always messy and that we shouldn’t fall for the illusion of inevitability.

While it’s easy to look back and think that things had to turn out the way they did, they weren’t preordained. Human agency matters: History is made through hard choices by people in specific moments. That’s worth remembering.

Article source: https://www.nytimes.com/2026/07/02/business/dealbook/jobs-fed-rates-wall-street.html