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Rick Rieder is BlackRock’s CIO of Global Fixed Income. He’s posted up a tweet storm on Friday’s jobs report, in brief:

  • there is a very gradual, but persistent, moderation within the broader employment picture
  • When you sum up the conditions of these employment indicators and the trend that they clearly depict, in terms of cooling, and a reversion to more of a pre-Covid labor normalcy, this can marry quite nicely to inflationary conditions that have also reverted quite closely to pre-Covid levels.
  • the appropriate conditions are unfolding for the
    @federalreserve
    to begin reducing its very restrictive Fed Funds rate by 25 basis points

Reider on what it means for bonds:

He may well have read Adam over the weekend:

  • I believe this is a rare moment to lock in investments with high rates for a long duration in the same way that the pandemic was a once-in-a-lifetime to lock in low borrowing rates.

This article was written by Eamonn Sheridan at www.forexlive.com.



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