DoubleLine’s Jeff Mayberry and Mark Kimbrough survey a June 1-5 market week ending with a selloff in stocks (1:28) led lower by the high-flying tech, consumer discretionary and communications services sectors; higher, flattening bond yields (4:14); and weaker commodities (6:18) with the exception of energy. The risk retreat came on Friday’s strong payrolls report for May, which topped the week’s macro news (7:52) that also included a resilient ISM manufacturing report and an April JOLTS report showing a persistently low-hire, low-fire labor market.
Payrolls strength disappointed the doves. Fed funds futures (15:30) now price a hike in the rate by the end of the year. Jeff Mayberry, however, opines that the overall macro picture so far is unlikely to show to new Fed Chairman Kevin Warsh a case for tighter official short-term interest rates. The most-anticipated macro prints (18:40) for the week of June 8-12 will be the May CPI and PPI reports on Wednesday and Thursday, respectively.
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