Bond sell-off continues, BoE tightens, jobs numbers tonight
Friday 4th August 2023
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Bond yields pushed higher in this session, with equities left going nowhere, at least until after hours trading with a couple of significant earnings results \u2013 Apple and Amazon. JBWere\u2019s Sally Auld says the bond sell-off is a conflation of several factors, including this week\u2019s BoJ moves on YCC, the increased net borrowing from the US government and continued resilience is the US economy. There\u2019s also the uncertainty around what to expect from the non-farm payrolls numbers tonight. If they echo the ADP numbers it\u2019ll be an unpleasant surprise for the Fed. But there are further soft-landing signs for the US in data out overnight, including falling labour costs and rising productivity.
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