Courtesy of ZeroHedge View original post here.
Low unemployment (yay), slowing wage growth (boo), retail job losses continue (ugh)… sparked algos buying in stocks and the dollar and despite some vol in bonds, they are unchanged for now…
Futures ramped to overnight highs (beware the stop run and fade)
And the dollar spiked (and initial kneejerking lower)…
Source: Bloomberg
And while bond yields kneejerked higher, they quickly retraced to unch…
Source: Bloomberg
And gold erased yesterday’s PMI gains…
Finally, we note the market shifting hawkishly, now pricing in 1.4 rate cuts by year-end…
Source: Bloomberg