Putting Down A Line In The Sand
July 10, 2023 Good morning, Economists and analysts were whipsawed by last week’s various labor-market data releases. An extraordinarily hot ADP employment report for June (+497k) made analysts second guess their estimates for nonfarm payrolls the following day (which ultimately missed expectations). Though the various datasets had a wide variety, the overall message remained clear: […]
Higher, Longer, Deeper
July 7, 2023 Good morning, Treasury prices tumbled, and stocks fell yesterday on strong jobs data. One data point in particular out of ADP Research Institute said U.S. companies added the most jobs in more than a year in June. The number looked rogue. Economists didn’t believe it, but traders had to say “what if” and […]
An Unlikely Redo
July 5, 2023 Good morning, Time is such an interesting dimension, a constant that constantly feels like anything but. For example, last week feels like last year, thinking about the markets this morning. I hope you had a nice break – it seems like I did. One Wall Street adage you’ve often seen in these […]