U.S. yields fell for a 5th straight trading day with Job Openings falling to the lowest level since February 2021 and below estimates. The quits, hiring and layoff rates were all unchanged. With job openings falling, I'm sure this will spur some renewed focus on Google Searches for the Beveridge Curve.
In other data, Factory orders increased 0.7% which matched estimates. All in all recent economic data has investors once again betting on rate cuts in 2024.
Today we'll get ADP Employment, Services PMI data and a Bank of Canada rate decision. The BoC is expected to cut rates from 5% to 4.75% against a weakening inflation and growth picture. So whatever happens in markets or your life today in the words of South Park you can go ahead and "Blame Canada".
Elections remain a focus for markets and FX and will likely continue to be a focus through the summer month.
XTOD: The JOLTS data show that the openings rate, the hiring rate, and the quit rate are all lower today than they were just before the pandemic hit – a time when the entire Treasury curve out to the 10-year note was trading comfortably below a 2% yield. I’m not budging an inch from my bond-bullish stance.
XTOD: At what point in the market cycle does the CEO of a company begin signing boobs
XTOD: Honestly I could caption this picture all day. I'm not sure I've ever seen a more iconic image capturing the current moment. https://pbs.twimg.com/media/GPO_f3fXQAAb68k?format=jpg&name=medium
XTOD: How many people can honestly and explicitly articulate their purpose, or mission, on social media? Is it to gain followers? Sell book? Build a Substack list? What?
You have to be able to answer the question. If you have a vague answer, dial it in immediately.
Otherwise, your purpose there is being dominated by mimesis for you. Your purpose, quite simply, will be what everyone else's purpose is. Or the purpose of the person or basket of people you pay the most attention to. To take an anti-mimetic approach to social media, either
1) Get off it completely; or 2) Be guided by a very clear purpose.
Even then, you will have to constantly gird yourself against the mimetic winds—but you will at least have a destination to sail toward.
XTOD: Only once you give yourself permission to stop trying to do it all, to stop saying yes to everyone, can you make your highest contribution towards the things that really matter. #essentialism
https://x.com/EconguyRosie/status/1798018512876699707
https://x.com/ParikPatelCFA/status/1798008453530870193
https://x.com/modestproposal1/status/1797991401260765288
https://x.com/lukeburgis/status/1797832001577177275
https://x.com/GregoryMcKeown/status/1797946361150583119
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