Good morning,
Markets were closed Friday for Juneteenth, so Thursday was the last word, and the tape went out with a wimper.
Inflation has run hotter than the consensus expected for four straight months, and the energy shock out of the Iran conflict has not helped the math. The labor market is not cooperating with the dovish case either...
May payrolls came in more than double what economists had expected.
So we enter the new week with a Fed that has stopped promising relief, prices that are still sticky, and a jobs picture too strong to force the Fed's hand toward easing.
Two things to keep an eye on.
The long end of the bond market. Yields jumped on the strong jobs data and the hawkish Fed.
Don't argue with the new regime. Position for it.
I will be back Monday morning before the open.
Greg
Have a look at this.
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