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Both Upside And Downside In Rates

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Larger FX Option Pipeline

CANADA

Further Modest Unwinding of BAX Inversion

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EXECUTIVE SUMMARY

  • Nonfarm paryolls are expected to have risen by 380k in April according to the Bloomberg survey median or 400k with the primary dealer median with relatively even dispersion.
  • Average hourly earnings growth is seen unchanged at +0.4% M/M whist the unemployment rate is forecast to fall another tenth to joint pre-pandemic lows of 3.5%.
  • Fresh on the tail of the FOMC, a high bar for non-50bp hikes has been set and there’s still another payrolls report on Jun 3 ahead of the next FOMC on Jun 15, but nuances remain.

PLEASE FIND THE FULL DOCUMENT HERE INCLUDING 10 SELLSIDE ANALYST PREVIEWS:

USNFPMay2022Preview.pdf

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