Good Friday AM,

Great news for bonds on the PPI report.

The headline numbers was down .1% on expectations it would increase .1% and the core was flat on expectations of a .2% increase. The bond market is seesawing between muted gains and stronger ones. I would not expect much more from the day as we are heading into a holiday weekend but the 10yr is back squarely below 4% again and below the Fibonacci level of 3.97% (you know anytime I can bring Fibonacci into the conversation, I will). If we can close below it, rates will keep on a downward trend. Next week has a holiday Monday and is light on data. Retail sales are about it, midweek. I am currently thinking of floating for a bit but am prepared to recommend locking if we see bonds reverse.

Jobs are always the driver for growth and in a downturn, are the last dominos to fall. We have not seen much weakness in jobs so far. Here are a couple of snippets on jobs and then one on potential tax implications of the coming election…

After a year of right sizing, employers are looking in the mirror and concluding there is still fat to lose. Companies including Amazon, Xerox, Google and BlackRock this month have announced plans to trim their workforces. Some of the companies now cutting jobs conducted larger-scale layoffs over the past year or so. Since then, inflation has come down along with expectations for a recession. What hasn’t changed, according to the steady drumbeat of layoff news in the first two weeks of January, is corporate America’s focus on efficiency and commitment to do more with less, Chip Cutter and Natasha Khan report.

Remote Workers Are Losing Out on Promotions

For a while, remote workers seemed to have it all: elastic waistbands, no commute, better concentration and the ability to pop in laundry loads between calls. New data, though, shows fully remote workers are falling behind in one of the most-prized and important aspects of a career: getting promoted. An analysis of two million white-collar workers by employment-data provider Live Data Technologies shows that remote workers were promoted 31% less frequently than people who worked in an office, either full-time or on a hybrid basis, Te-Ping Chen reports.

$6 Trillion in Taxes Are at Stake in This Year’s Elections

There isn’t a dime’s worth of a difference between the political parties. The chasm is more like $6 trillion. The winners of November’s presidential and congressional elections will quickly face decisions on extending tax cuts scheduled to expire after 2025. WSJ’s Richard Rubin looks at the starkly different plans from President Biden and Republicans—and how the $6 trillion gap on November’s ballot will affect family budgets, corporate profits and the federal government’s fiscal health.

Please remain safe and stay healthy, enjoy the long holiday weekend and first, make today great!