Linea Mercati Interview 7/6/23
July 7, 2023Reuters Interview 7/7/23
July 7, 2023Slower-than-expected job creation in June could call for a less hawkish Fed, but a stubbornly low unemployment rate likely goes in the opposite direction. “The data indicates the labor market remains strong and gives the green light for the [Fed] to raise rates,” Spartan’s Peter Cardillo says in a note. Payrolls rose 209K last month, down from 306K in May in from consensus of 240K, while unemployment fell slightly to 3.6% and hourly wage increased by 4.35% over the past 12 months, little changed from May’s 4.30% pace. Treasury yields, which fell briefly after the data, are going back up, with the 10-year now at 4.052%.