Booming payrolls point to higher UST yields & stronger dollar
Another robust US non-farm payrolls report means our central forecast is now that the FOMC raises the fed funds rate later this year. In turn, that implies a further rise in US Treasury yields and the dollar may be on the cards, even if the Strait of Hormuz re-opens. An outright tightening of Fed policy could also prove more of a headwind to equities than the recent unwind of rate cut expectations.
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