That was an interesting jobs Friday report. The payroll numbers missed expectations by 734,000 jobs and the things that barely moved by end of day were those you’d normally expect would decline: interest rates, inflation expectations and banking stocks. To be fair, all three were tanking until 10 am, but then the smart(er) money stepped in. It pored over the report, thought about it and decided that bonds weren’t worth buying after all. And so, rates backed up and we were back to even by end of day. So what was the smarter money thinking? Here are some clues.
Hints of short-term stagflation
Hints of short-term stagflation
Hints of short-term stagflation
That was an interesting jobs Friday report. The payroll numbers missed expectations by 734,000 jobs and the things that barely moved by end of day were those you’d normally expect would decline: interest rates, inflation expectations and banking stocks. To be fair, all three were tanking until 10 am, but then the smart(er) money stepped in. It pored over the report, thought about it and decided that bonds weren’t worth buying after all. And so, rates backed up and we were back to even by end of day. So what was the smarter money thinking? Here are some clues.