Asks why the market reaction doesn't make sense: bad jobs should mean rate cuts and higher futures, but futures are down.
Matt
Michael McKee
Confusion about the duration of the Iran war and rising energy prices has people worried. The jobs number was bad, showing labor market weakness.
Notes yields initially fell then rose. Asks why yields are rising now.
Matt
Michael McKee
It's a status quo trade. Initial reaction was to positions, now uncertainty reigns. Rate cuts aren't being priced in normally because inflation concerns from oil are on the other side.