Bob Elliott
· Nonconsensus
· July 06, 2026 at 10:26
| Read on Substack ↗
Summary
The article argues that market hopes for a hot labor market were overblown, as incoming data showed persistently soft jobs numbers and wage growth, implying that the June report likely disappointed. This means bond yields and rate-sensitive sectors may adjust lower as expectations for Fed tightening recede.
•Market hopes for a strong labor market peaked ahead of the June report.
•A broad set of signs indicated jobs numbers and wage growth remained soft.