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Bonds Dial Back Ahead of Big Jobs Report
Bonds Dial Back Ahead of Big Jobs Report
It was a fairly interesting day for bonds, relative to the calendar of scheduled events. Domestic econ data was unimportant and markets traded accordingly from 8:30-8:45am. At that point, the European Central Bank announcement hit the wires and the takeaway was fairly hawkish, despite the rate cut. At the same time, newswires made the rounds regarding a Trump/Xi phone call that could lead to future meetings and improved trade relations--a narrative that's generally produced "risk-on" results for stocks and bonds. Then in the afternoon, stocks pulled back as Trump and Musk exchanged words on social media (TSLA down about 16% on the day). Lastly, we could also be seeing both sides of the market moving to cash to some extent ahead of the jobs report. Either way, the willingness to react to data so far this week means Friday's jobs data should be treated with just as much respect as normal.
Weaker after NFP. MBS down 6 ticks (.19) and 10yr up 5.7bps at 4.453
Bonds Dial Back Ahead of Big Jobs Report
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Jun 06 | |||||
| 8:30AM | May Participation Rate | May | 62.4% | 62.6% | |
| 8:30AM | May Average earnings mm (%) | May | 0.4% | 0.3% | 0.2% |
| 8:30AM | May Non Farm Payrolls (k) | May | 139K | 130K | 177K |
| 8:30AM | May Unemployment rate mm (%) | May | 4.2% | 4.2% | 4.2% |
| 10:00AM | Fed Bowman Speech | ||||
| 3:00PM | Apr Consumer credit (bl) | Apr | $17.87B | $10.85B | $10.17B |
| Monday, Jun 09 | |||||
| 10:00AM | Apr Wholesale inventories mm (%) | Apr | 0% | 0.4% | |
| 11:00AM | May Consumer Inflation Expectations | May | 3.6% | ||
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