Primary dealer media scan: Labor market needs to cool down before Fed stops hiking.

Primary dealers. Amherst Pierpoint Securities. Regarding inflation: “They fell way behind and let inflation get out of control. Until the Fed sees more concrete signs the labor market is cooling, it will be hard for them to stop.” — Stephen Stanley, Amherst Pierpont Securities. CNBC.

Primary dealers. RBC Capital Markets. “Small caps are de-risked because they’ve priced in a recession. We are not hearing the Fed is going to pivot. Having a recession in coming months is plausible.” — Lori Calvasina, RBC Capital Markets. CNBC.