Market Snapshot June 7, 2018
Good Morning on this exceptional Thursday,
Stocks continue to push higher, yet bonds are not feeling the opposite pressure. It has been a few days that we are seeing the same. I have to admit, I like winning on both fronts but the little voice in my head (don’t judge) tells me it can’t continue.. There is not much news for the balance of the week. Today, jobless claims beat expectations by a small margin. Reports that the G7 summit will be tough on Trump because of tariffs and sanctions is likely untrue. I don’t see Mr. Trump getting bullied. Italian concerns subsiding for now, and really there is not much else on the agenda this week. Next week we do get the FOMC policy meeting/rate decision as well as a similar event from the ECB so I would expect some volatility then. For now, the 10-yr is range bound. Currently at 2.95% and will likely bounce between 3.04% and 2.92% until the Fed meets. Mortgage bonds are +6bps and while underperforming treasuries, the green is good.
Dr. Elliot Eisenberg shared this great insight… When the Great Recession ended, there were 14.6 million unemployed job seekers in the US, but just 2.2 million job openings. The seekers/openings ratio was a dismal 6.6. Today, there are just 6.3 million job seekers and an all-time high of 6.7 million openings. There are now more job openings than job seekers. The ratio is at an all-time low of 0.9! In theory, there’s a job for everyone!
Do or die for the Knights tonight… Game 5 at 5pm… Go Knights Go!
Make today great!