Dollar Dumps On Disappointing Jobs Data, Bonds & Stocks Bid
US equity markets pumped, dumped, and re-pumped after the disappointing payrolls print this morning…
But the big move is in the dollar, which is rapidly erasing yesterday’s biggest jump in 9 months…
Bond yields spiked lower, recovered, and are now falling once again…
It seems bad news is good news as Powell and his pals have more excuses to stay on the sidelines (while inflation rips).
As Bloomberg’s Chris Antsey notes, the Fed’s leadership “is likely to see this report as a modest improvement but not near the “substantial further progress” on employment required to taper its bond-buying program. While inflation is now topping the central bank’s 2% goal, jobs remain not really close to the goal.”
Fri, 06/04/2021 – 09:01
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