S&P E-mini Futures:
NFP number 160K versus 200K expected. Weak. Takes some pressure off the Fed. Wage inflation creeping in though, up 2.5%, a continuation of the previous month's 2.3% reading.
Wage inflation coupled with still-weak job growth after this much stimulus is pretty lame, and a dangerous spot for a crew of die-hard Keynesians to be attempting to navigate without running aground.
U.S. Treasury Department officials launched a new liquidity gauge, Bloomberg reported. "The world’s largest debt market is sound and traders’ ability to transact remains robust," will be posted in a blog on the government’s website. Something feels weird here. Gauge or no gauge, the bond market is not a toy, and could soon remind the markets why.
China had a rough night, and Europe is looking red so far.
Today is the new moon. So given the choppy decline thus far, perhaps a wash 'n' rinse reversal could materialize.
AUD and CAD weaker. JPY stronger stronger. EUR loved NFP. See if it holds. (So far it's not)
WTI crude blew its big rally yesterday. Down along with NG.
And no, it's not an electric car company's fault.
Metals woke up post-NFP.
Posted this chart a while back. Time for a revisit and a clean up.
Voila. See notes. Can easily travel higher and lower than shown. (Can also do something completely different.)