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What to Watch: NY Fed Williams Kicks Off Fed Speak; Apr Jobs

MARKET INSIGHT
FI trades modestly weaker in lead up to Apr employment data. With 11.5M unfilled jobs/strong labor mkt -- a large deviation from the mean est over the one month filing period unlikely to move markets much.
  • Focus remains on the Fed exit from blackout:
    • NY Fed Williams open remarks on environmental economics, 0915ET
    • MN Fed Kashkari moderated discussion, University of MN, 1100ET
    • Atlanta Fed Bostic commencement address, Georgia Tech, 1500ET
    • StL Fed Bullard, Fed Gov Waller mon-pol panel, Hoover Inst, 1915ET
    • SF Fed Daly commencement speech Utah Valley Univ, 2000ET
  • Economic data on tap at 0830ET:
    • Change in Nonfarm Payrolls (431k, 380k)
    • Change in Private Payrolls (426k, 378k)
    • Unemployment Rate (3.6%, 3.5%)
    • Average Hourly Earnings MoM (0.4%, 0.4%); YoY (5.6%, 5.5%)
    • Labor Force Participation Rate (62.4%, 62.5%)
    • Consumer Credit ($41.82B, $25.00B) at 1500ET
  • Geopol risk: Market remains alert for developments on Russia war in Ukraine, knock-on effect to markets.
  • Cross-Asset Roundup:Crude stronger (WTI +2.23 at 110.49); Gold stronger (+5.97 at 1883.05); SPX weaker (ESM2 -26.0 at 4117.25).

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