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What to Watch: Headline April Jobs Data, Fed Speak, Banks

US TSYS
Morning focus is on headline employment data for April at the bottom of the hour, mean estimate of analysts polled by Bbg is at +185k (vs. +149k pre-ADP) while "whisper" estimates are running slightly higher (+190k) at the moment.
  • US rates are trading weaker ahead the data, carry-over from late Thursday as banks recovered from heavy selling and risk-off support receded.
  • The Fed is out of their blackout period regarding policy today with only three scheduled speakers so far: MN Fed Kashkari to make introductory remarks at 1245ET ahead StL Fed Bullard speaking at the Economics Club of MN at 1300ET (no text, moderated Q&A). Also at 1300ET, Fed Gov Cook will give a commencement address at Michigan State (unlikely policy related).
  • It's probable there will be additional speakers making unscheduled comments on the wires today.
  • Markets will be watching financial shares closely ongoing bank stress concerns, though banks trading better this morning.
  • Regarding the debt ceiling, US Pres Biden and House Speaker McCarthy are expected to discuss on May 9, no set time, however.

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