The June jobs report is worse than many people realize. Meanwhile, the campaign is gathering steam to get the Federal Reserve to switch to a new, lower inflation rate - so that new Chair Kevin Warsh can please the president and start cutting interest rates before the midterm elections. Both of those things are bullish for bonds, which have been lying on the Wall Street unwanted pile pretty much since the bond crash of 2022-23. Let's start with jobs. The nonfarm-payrolls figure halved between May and June, and the latest job-creation figures were about half Wall Street's estimates. Meanwhile, the figures for people in ... (full story)