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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EXECUTIVE SUMMARY
- Nonfarm payrolls growth surprised higher March (303k vs cons 214k) but unlike February’s beat, also saw a positive two-month revision even if it was entirely back in January.
- The establishment survey was generally more hawkish than expected, with a high 0.3% M/M for wage growth and hours worked also surprising higher.
- However, the u/e rate was in line as a strong bounce back in household employment only just exceeded very strong labor force growth.
- This supply side expansion helped initially contain the magnitude of the hawkish reaction although it started to gain momentum and has since seen 2Y Treasury yields clear 4.75% for the first time since Dec.
- Many analysts now see risks of cuts starting later than June, although with the exception of JPMorgan are reluctant to alter formal calls prior to Wednesday’s CPI release.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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