As we noted in our preview, today's payrolls print was indeed "bad news is good news" as the surprise five-sigma miss (-23k) on payrolls (albeit with a drop in the unemployment rate) sent rate-hike odds reeling lower...
“History doesn’t repeat, but sometimes it rhymes. For the third time in as many years, July jobs data saw a mid-summer loss of momentum. While incoming inflation data will be the ultimate arbiter, slowing jobs growth helps support a September hold,” says Lindsay Rosner, head of multi sector fixed income investing at Goldman Sachs Asset Management.
That helped smash Treasury yields lower, led by the short-end...
...which in turn crushed the dollar...
...lifting gold above $4350...
Some good news for Bessent, JPY is strengthening...
Stocks are also soaring, with Nasdaq leading the way...
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