Payrolls sparks bond reversal
US payrolls data came in softer than expected and bond markets reversed direction. But NAB’s Ray Attrill says wages data in the report will still be a concern to the Fed.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 7th August 2023
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Last week we did suggest there would be a response to Friday’s US payrolls numbers come what may, and that was certainly the case. Softer numbers and downward revisions saw bond yields retrace their steps on last week’s gains, as investors bet on less in the way of rate hikes. And yet, as NAB’s Ray Attrill points out, wages growth remains sticky and that will be a concern to the Fed. Canada also saw softer employment data pushing the Canadian dollar down on Friday. The Aussie climbed, but still saw a hefty fall last week. We look at why. Meanwhile a slow start to today – time then to go back and listen to our weekend edition, if you haven’t already.
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