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Bonds & Bullion Bid As Fed 'Pause' Narrative Builds; Stocks Soar On Massive Squeeze
The labor market continued to show resilience today (claims and ADP solid) ahead of tomorrows payrolls print (but wage growth slowed) but job gains were fragmented. At the same time, the manufacturing side of the economy continued to deteriorate significantly (along with prices), productivity was revised ugly, but construction increased more than expected. So take your pick on that smorgasbord. FedSpeak continued to push the idea of a skip/pause in June with Phily Fed's Patrick Harker saying “I do believe that we are close to the point where we can hold rates in place and let monetary policy do its work to bring ... (full story)