Disappointing Job Growth in May

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Disappointing job growth in May, though bond-friendly, is not likely to deter the Federal Reserve from a June rate hike or from its view that the 1Q17 slowdown was transitory. Globally, stock markets gave ground until Wednesday, then rallied to close the week on an upbeat note. Oil prices slid, giving back much of last week’s gains; gold was up modestly. The yield on the 10-year U.S. Treasury note fell to about 2.15% on soft hiring news.

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