STIR: Last Week’s Weak Labor Data Still Felt Ahead Of Mid-Week NFPs
Feb-09 11:41
- US rates sit a touch more hawkish than Friday’s close, extending a slow paring of the dovish reaction to Thursday’s suite of weak labor updates.
- Still, the cumulative 24bp of cuts priced for the June FOMC compares with 18bp prior to the Challenger release in what was the first of four separate reports that were all outright soft or at least softer than expected.
- FF cumulative cuts from 3.64% effective: 4.5bp Mar, 9.5bp Apr, 24bp Jun, 32.5bp Jul, 44bp Sep, 50bp Oct and 55.5bp Dec.
- SOFR futures trade from unchanged to 1.5 ticks lower out to end-2027, with a terminal implied yield of 3.145% (Z6) compared to a ytd range of 3.095-3.285% at each close.
- Today sees a very light data schedule and we might not hear much new from Fedspeak either. Waller explained his dovish dissent at the Jan 30 FOMC, Miran's views are well-known and Atlanta Fed's Bostic (non-voter) spoke last week and is retiring this month.
- 1330ET - Gov. Waller (voter, dove) on digital assets (no text)
- 1430ET - Miran (voter, dove) in moderated conversation (no text)
- 1515ET - Bostic (retiring end-Feb) in moderated conversation with editor of Pro Farmer (no text)
- 1700ET - Gov. Miran in podcast interview (no text)
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MNI: MNI TEST 02, Please Ignore
Jan-09 23:36
Test Test TEST
MNI: MNI Test, Please Ignore
Jan-09 23:30
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US LABOR MARKET: MNI US Employment Insight: U/E Rate Improves But Payrolls Soft
Jan-09 21:16
- We have published and e-mailed to subscribers the MNI US Employment Insight.
- Please find the full report, including detailed MNI analysis of the payrolls release plus a variety of other key labor indicators, here: https://media.marketnews.com/US_Employment_Report_Jan2026_3a3292abe9.pdf
