Market Snapshot Thursday June 6, 2019
Good Morning on this terrific Thursday,
This morning’s action was brought to you by a little data and some interesting news. Unit Labor costs were down 1.9%, this is bond friendly and gives the FED more ammo to lower rates and the European Central Bank, who once again pushed back the timing of its first post-crisis rate hike in the hopes of reviving a slowing Euro Zone economy. Responding to rapidly deteriorating inflation expectations, the ECB pledged to keep its interest rates at their current, record-low level at least through the first half of 2020, instead of the end of this year as it had said it would do in March. With a slowing global economy and concerns about the longer term effect of all the trade issues.
Tomorrow’s jobs data has gained a bit more significance than it had when we started the week, since Fed Chair Jerome Powell’s comments the other day. Still, likely a knee jerk reaction to whatever news we get (versus any long term effect), and the wage data will be more important than the actual job numbers.
The 10-yr at 2.09% and heading south…
Make today great!