The February employment report had a little something for everybody. The economy created 275,000 jobs in February, significantly outperforming expectations of 200,000. But that's where the glory ended:

• January and December job gains were revised down substantially, with total revisions down 167,000.  The unemployment rate rose sharply from 3.7% to 3.9%, the highest in over two years. 
• The aforementioned 275,000 job gain was from the "establishment" part of the report, but the "household" part showed a loss of -184,000 jobs. 
• Inflation continues to be stubborn, as items in the Consumer Price Index are starting to go back up. 

The Fed might cut rates at some point this year, with financial markets predicting that the first cut will come in June, but given that most inflation measures were on the hot side in January, and there are still sources of stubborn underlying inflation, it could be later than that.