Charles III was preceded by the regalia of US payrolls at 253K vs. 185K consensus, with negative back-revisions, and unemployment at 3.4% vs. 3.6%. Yes, 'gig' jobs might now be recorded as real, but if this is full-employment near-feudalism, as under King Charles II, explain how average earnings growth leap to 4.4% y-o-y without saying "noblesse oblige" or showing knobbly knees in this intellectual beauty contest. Something, apart from wages, is up. Like short bond yields. Or air fares, as passengers' willingness to pay high prices continues. Or wheat if the Black Sea Grain Deal falls apart, as was being threatened on Friday. And let's see if US CPI is this week too. Indeed, as we say 'Long Live the King', another 'king' is dead – neoliberal financial globalisation.