#JuneJobsDataCoolsFedHikeBets
57,000 jobs in June.
The market expected more than double.
April and May revisions add another 74,000 fewer positions than previously thought.
Yesterday BofA projected 75 basis points of hikes. Markets assigned 67% probability to a September hike.
That probability just fell to 49%.
One data point does not change a cycle. But this one moved the dollar, Treasury yields and rate expectations in minutes.
That is what a payrolls miss in the wrong direction does.
$ZEC
$ZKC
$ZBT
57,000 jobs in June.
The market expected more than double.
April and May revisions add another 74,000 fewer positions than previously thought.
Yesterday BofA projected 75 basis points of hikes. Markets assigned 67% probability to a September hike.
That probability just fell to 49%.
One data point does not change a cycle. But this one moved the dollar, Treasury yields and rate expectations in minutes.
That is what a payrolls miss in the wrong direction does.
$ZEC
$ZKC
$ZBT