Silver Train Is A-Coming; Long Duration Bonds Shaken and Stirred
Silver hits a fourteen-year high…
Key Highlights
Silver hits a fourteen-year high…
… as long-duration bond yields jump in Europe and the U.S.
We await three key releases of labor market data this week
Markets see a level of Fed easing more consistent with a recession
Takeaways
Nonfarm Payrolls Expected to be Mediocre: This is a critical week for the market backdrop - not just the financial markets but also the labor market. We get the JOLTS data for July tomorrow, the ADP and Challenger numbers for August on Thursday, and then Big Momma in the form of nonfarm payrolls on Friday. For nonfarm payrolls, the consensus is at +75k, which confirms the weak +73k number we got for July, and the unemployment rate is seen rising further to 4.3% from 4.2%. On the headline number, one economist in the consensus estimate is at zero, and not one is higher than +115k.
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