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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 in Feb (275k vs cons 200k) but saw a return to downward revisions with a particularly large -167k and private an even heavier -204k.
- However, with now greater confidence in the data after a low initial response rate for January, we’re left with the strongest three-month trends since June.
- The AHE miss and downward revision to Jan were heavily exaggerated by rounding and hours worked lifted back to its recent range, but the household survey was again more far more dovish.
- The combination saw most of the initial rally in front-end Treasury yields revised away, whilst Fed pricing shifted back to almost nearly unchanged with 95bp of cuts for 2024 having slipped through the week.
- The Fed is looking for greater confidence that inflation is on a sustainable trend to target inflation and Tuesday’s CPI report has scope to be more impactful.
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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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