May payroll data was hot, effectively closing the door on a labor-market justification for a Fed rate cut this year. The article argues the late-week pullback was not about stagflation, but the stronger jobs print reinforces a more hawkish policy backdrop. Market implications are meaningful because the path of interest rates and yields is being repriced.
May payroll data was hot, effectively closing the door on a labor-market justification for a Fed rate cut this year. The article argues the late-week pullback was not about stagflation, but the stronger jobs print reinforces a more hawkish policy backdrop. Market implications are meaningful because the path of interest rates and yields is being repriced.
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