The strong January jobs report, with 353,000 added payrolls and 0.6% monthly wage growth, suggests the Fed's rate hikes have not cooled the economy as intended. Fund manager Cole Smead warns this is a "very dangerous" situation for stocks, as it means the Fed may need to keep rates higher for longer to curb inflation. Smead argues falling inflation so far is due to transitory factors, not Fed policy, so wage growth could keep fueling price pressures.
