Loading ...Trump Effect: ADP Employment Surges To Highest Since 2014 As Manufacturing Hiring Spree Continues
After last month’s private payrolls scorcher, when ADP reported that a whopping 298K jobs were added, the biggest increase in 6 years on a record surge in good producing jobs, this morning ago the momentum continued when ADP reported that in March the US generated 263,000 jobs, smashing expectations of a 185,000 gain, and the highest print since December 2014.
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Also top guru money manager Jeffey Gundlach sees no inflation and a bond rally [up in price + lower yields]–lower interest rates=gold friendly, supposedly.
GUNDLACH=
Gundlach repeated his call for a rally in TSYs, saying “I expect a rally on the 10-year and the 30-year, to below 2-1/4 at a minimum on the 10-year, maybe a little bit lower than 2 and then it moves back up.” He added that he doesn’t “think we’re going to see 3 on the 10-year this year.”
While much of the above was a rehash of previous discussion topics by Gundlach, he made several notable comments. The first was that his outlook on inflation may be supportive of bonds as “the reflation narrative may be fading” and inflation globally has peaked. “With inflation falling in the months ahead, pressure for higher yields is reduced,” Gundlach told Reuters after the webcast. “The bear case will need another narrative because CPI (the consumer price index) will be back below 2 (percent).”