Wall Street’s fervent hopes and prayers for rate-cut ammo were not fulfilled.
Wall Street, clamoring for three to four rate cuts this year, was hoping and praying fervently for a lousy jobs report that would “force” the Fed to cut rates. Those hopes and prayers were not fulfilled when the Labor Department released its data trove for June this morning, the last jobs report before the next Fed meeting. Stocks instantly swooned. And the 10-year Treasury yield jumped by 10 basis points from 1.95% to 2.05%!
The number of nonfarm employees increased by 224,000 in June to 151.3 million. The May and April increases were revised lower to 72,000 and 216,000. The June increase was in the upper part of the multi-year range: