April 1, 2022
Good morning,
Yesterday’s crummy market action had all the hallmarks of end-of-month/quarter portfolio rebalancing. We’ll give our fragile rally a pass for now.
Today’s March employment number fooled no one – economists nailed it. It was a strong report, and it will keep the upward pressure on inflation expectations…as well as the Fed. It’s of little surprise to see yields rise as a result this morning.
Futures have taken it in stride and remain up 25-30 bps ahead of the U.S. market opening.
Short and sweet today from the road. Have a nice weekend. Oh yes … Go Nova!!
Be well,
Mike