The jobs report unexpectedly disappointed. April Non-farm Payrolls came at 266K vs. 1M consensus.
April Non-farm Private Payrolls came at 218 vs. 820K.
This is important because the market is trading higher and especially this is contrary to what I would expect given the news from the FED, heads the financial stability committee, Lael Brainard, said today that:
- Vulnerabilities associated with elevated risk appetite are rising.
- The combination of stretched valuations with very high levels of corporate indebtedness bears watching because of the potential to amplify the effects of a re-pricing event.
Thank you for closely monitoring the situation and carefully managing risk.
Your welcome, in a “normal environment” the market would had not reacted like today