Trial now

Still Heavy


(Z1) Holding Gains


Rinban Due


Early Asia Bid, As Omicron Shows Up In NY State

Quicktake, TD on NFP

TD Securities economists see "dwindling progress" from the much weaker than expected August employ data (+235k vs. +725k est). Though progress continued, it was "at a much slower pace for payrolls than in June and July, probably due in part at least to fallout from the latest COVID wave."
  • Concurring with Goldman Sachs opinion posted earlier, TD does not "think the report is weak enough for Fed officials to back away from their "this year" tapering signal, especially given the continued strength in wages, but we believe it increases the probability of a formal announcement coming at the Dec rather than the Nov meeting."
  • We remain neutral on duration in the near-term, but expect 10s to rise to 1.75% by year-end. This is based on the assumption that the US economy weathers the delta surge, Congress delivers more fiscal spending, and the Fed tapers QE.
MNI Chicago Bureau | +1 312-431-0089 |
MNI Chicago Bureau | +1 312-431-0089 |