Wall Street ends up, encouraged by the determination of the Fed
July 7, 2022Reuters Interview 7/8/22
July 8, 2022The 10-year Treasury yield jumps to 3.080% from just below the 3% mark after June labor numbers surprised on the upside, with the creation of 372K jobs, versus consensus of 250K. “Labor is still tight, but there are signs it could begin to loosen up,” Spartan’s Peter Cardillo tells WSJ, noting that hourly earnings rise weakened to 0.3% from May’s 0.4%. Cardillo says the data is unlikely to discourage the Fed from raising rates by 75 basis points this month, but if inflation slows in July and August “maybe we will see only 50bps in September, or even a pause.”