The bond market opened this morning relatively flat to yesterday’s close but rallied sharply higher (rates several bp lower) following a very weak US employment number. ADP Employment Change (a measure of job activity in the US private sector) showed a net increase of 38,000 new jobs in May (forecast was for 175k). Slow employment growth of course continues to raise doubts about the sustainability of the US recovery. All eyes now turn to Friday’s US Employment Report.
Weaker than expected US ISM numbers at 10am have added to the rally.
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