After three solid months, BofA Securities expects June payrolls to rise by a robust 110,000, supported by benign claims and strong ADP data. However, they see downside risks. May's surge in leisure and hospitality may have been driven by the World Cup or Memorial Day timing. If it was the latter, June could see payback. "A strong report would likely move markets closer to our call for three hikes in '26," they added. (jessica.coacci@wsj.com)