Macro data continues to serially disappoint, with ADP today confirming labor market stress is starting to build…
Source: Bloomberg
Treasuries were mixed with the long-end dramatically outperforming (30Y -8bps, 2Y +2bps). On the week, only 2Y yields are higher with 5Y unch and the rest of the curve lower…
Source: Bloomberg
…pushing the yield curve flatter/more-inverted…
Source: Bloomberg
…as the bond market is starting to price in a growth scare as long-end yields tumble to their lowest since August…
Source: Bloomberg
Here are five reasons why:
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Today’s November ADP report was below estimates at 103,000 and showed job cuts in manufacturing. That was in line with Tuesday’s slowing in JOLTS job openings.
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Traders ramped up bets on ECB rate cuts next year after weak German factory data bolstered the view that it’ll be the first to pivot.
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Walmart CEO said consumers may not be as resilient next year, even as deflation starts to show, according to a CNBC interview.
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Oil is moving lower on surging oil exports and as pessimism outweighs stockpile drop.
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Treasuries sliced through resistance with dealers and international real money buying in long-end Treasury futures ahead…
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