Jobs market delivers a nasty shock
The U.S. economy added only a net 38,000 jobs in May, according to the jobs report from the Bureau of Labor Statistics this morning. Economists surveyed by Bloomberg had projected job gains of 90,000 to 215,000 with the median forecast at 160,000.
Markets continue to reposition for a Fed interest rate increase–now it’s a rally in bank stocks and a further drop in gold
Welcome back to December! Remember when the financial markets thought the Federal Reserve was going to raise interest rates three times or maybe even four times in 2016 and suddenly bank stocks were the thing to own? At least until January when the sector went into a dumpster. Well, the positioning was back today–even if just for a day
Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Market falls as it moves to price in new odds on a Fed interest rate increase
Yesterday’s release of the minutes from the Federal Reserve’s April meeting has produced a massive change in market sentiment. Monday before release of the minutes financial markets were giving odds on a June interest rate increase of just 4%. After the meeting those odds soared and they continued to move up today to reach 26%.
Goldilocks confronts a disappointing April jobs report
Under some circumstances you’d expect a weak jobs number to send markets higher because it would signal that the Federal Reserve will put off the next interest rate increase. But not today. The Dow Jones Industrial Average was off slightly, by 0.07%, as of 11:30 a.m. New York time. The Standard & Poor’s 500 slipped 0.18%. That’s because markets have already priced in a one or none scenario for 2016.
Yesterday’s soft U.S. economic growth drives dollar and stocks down, commodities up
After yesterday’s weaker than expected report on GDP growth, the Fed Funds futures market is giving odds of just 12% on a June interest rate increase. The odds of a June rate increase had been 21% after the Fed’s Wednesday meeting
Yellen speaks–and 1 is more than 3 today
At a speech in front of the Economic Club of New York today Federal Reserve Chair Janet Yellen pretty much quashed speculation that the Fed might raise interest rates at its April meeting. After such a strong reiteration of the Fed’s willingness to wait, the dollar fell, retreating 0.02% against the euro, and oil climbed
Dollar starts on upward trend but then breaks its streak
In the morning the U.S. dollar looked to be headed to a seventh day of gains, which would be the longest rally in the dollar since October. But while it finished up against the yen, it fell for the day against most major currencies
Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...More oil than expected in U.S. inventories
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Saturday Night Quarterback says, For the week ahead expect…
On one side there are those no believe nothing fundamental changed with the Federal Reserve’s meeting. The other group believes that the Fed is now back in alignment with the easy money group
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