In a reversal of fortune, US stocks traded significantly higher Friday and are now on pace for a moderate gain for the week, as investors digest a muc
h stronger-than-expected Payrolls report coupled with a corresponding rise in 10-year Treasury yields to 4.78%. However, the initial post-NFP spike in rates has subsided. Of course, this raises the obvious question of why the 10-year bond yield at 4.75 % was considered a bond and stock market armageddon early in the week, but 4.78 to close the week is okay for stocks.
The continued rebalancing of the labour market despite solid GDP growth and strong job growth is consistent with a Fed-done hiking for the year. At 6mn, employment and job openings exceeded the labour force, but now that the ratio is off some 3 million, it suggests that the JWG ratio is in a much better balance. The NFP report is good news as it shows some 3 million people have entered the workforce this year, the most for any full year since 2000.
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