Två siffror som skakade Wall Steet - Up, Up, Up

Slower Hiring Boosts Hopes of a Late-Summer Rate Cut

 

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Sam Goldfarb Wall Street Journal 3 May April 2024

https://www.wsj.com/economy/jobs/jobs-report-april-unemployment-a8a1ac1a


Stocks, bonds popped after Fed chair says rate hike unlikely

https://englundmacro.blogspot.com/2024/05/stocks-bonds-popped-after-fed-chair.html


‘Breaking something somewhere’

This is a data-dependent Federal Reserve. And so, quite logically, that makes the market data dependent as well.

We’ve seen that a thousand times, with each little bit of new information whipsawing stocks and bonds. Today’s jobs report was no different 

That roller coaster ride in US markets, Mohamed El-Erian said, threatens to become a growing problem, even with a payrolls print “that will please the Fed and please the markets.”

“This volatility in interest rate structure — it is causing havoc elsewhere in the world when US rates swing as much as they do on a short-term basis,” said El-Erian, the president of Queens' College, Cambridge, and Bloomberg Opinion columnist. 

“This volatility, which we are continuing in rates, risks — I’m afraid — risks breaking something elsewhere, and that is what we’ve got to keep an eye on.” 

https://www.bloomberg.com/news/newsletters/2024-05-03/fed-gets-reward-in-jobs-report-along-with-more-risk-mohamed-el-erian-says

 



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