预期之内，就业恢复并不substantial。花街今天对数字的解读要么是对市场没什么影响，要么能支持股票继续📈，没几个人解读成利空的。
The non-farm payrolls print for June, while better-than-forecast, is still within the ballpark of expectations. As such it is unlikely to fire up the market’s imagination as it doesn’t suggest “substantial further progress” in labor-market improvement.
This print argues for yields to tread water with a downward bias and for stocks to continue to be supported.
The unemployment rate was higher than forecast, which will worry the Fed. Various Fed speakers have outlined in recent weeks that employment may be as much as 10 million below pre-Covid levels, and the data for June marks incremental progress without suggesting any quantum leap. In other words, there is no impetus to push the taper time line forward.
The non-farm payrolls print for June, while better-than-forecast, is still within the ballpark of expectations. As such it is unlikely to fire up the market’s imagination as it doesn’t suggest “substantial further progress” in labor-market improvement.
This print argues for yields to tread water with a downward bias and for stocks to continue to be supported.
The unemployment rate was higher than forecast, which will worry the Fed. Various Fed speakers have outlined in recent weeks that employment may be as much as 10 million below pre-Covid levels, and the data for June marks incremental progress without suggesting any quantum leap. In other words, there is no impetus to push the taper time line forward.