US equity markets pumped, dumped, and re-pumped after the disappointing payrolls print this morning...
(Click on image to enlarge)
But the big move is in the dollar, which is rapidly erasing yesterday's biggest jump in 9 months...
Source: Bloomberg
Bond yields spiked lower, recovered, and are now falling once again...
Source: Bloomberg
It seems bad news is good news as Powell and his pals have more excuses to stay on the sidelines (while inflation rips).
As Bloomberg's Chris Antsey notes, the Fed’s leadership "is likely to see this report as a modest improvement but not near the “substantial further progress” on employment required to taper its bond-buying program. While inflation is now topping the central bank’s 2% goal, jobs remain not really close to the goal."
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