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Nov. 8 (Bloomberg) -- GMP Securities Director of Fixed Income Strategy Adrian Miller discusses Fed policy on Bloomberg Television's "Lunch Money." (Source: Bloomberg)

Strategy.

The bond market is reacting as we might expect.

But the stock market is a little bit of a switch from what we have seen recently.

I think the stock market is thinking of numbers, if we got the labor market better than we thought and by extension the economy better than we thought.

They are ok, at least today, with that presumed handoff between the fed's artificial stimulus and that growth handoff.

The bond market is, typically, taking its ready-shoot-aim approach.

One number does not make an argument for an earlier than march taper.

What about when you dig down into the report?

You have to look at wages.

You have to look at the participation rate numbers.

Of course, hanging over it all is the government shutdown, which everyone thought would depress the numbers.

It does not seem to have done that.

How do you read a number beyond the noise, beyond the headline?

The household survey pretty much is where most of the noise has taken place.

We almost look past that.

That depressed the participation rate.

The establishment survey that pretty much, you could make the case that is more true to form, even though two hundred 12,000 is a bit strong on private sector growth -- even though 212,000 is a bit strong on private sector growth.

Given that, would you be sort of betting the opposite way, that the bonds are going today?

What would be your strategy?

At the same market -- at the same time, i think the bond market trading was probably too low.

About 2.75% yield, which is where we are now, is not bad.

I think that's about where we should sit.

I do not think we will get to 2.90% or three percent, like we did in september when the bond market was concerned, but if we do, it will be interesting to see how the fed reacts to that.

What do you do, strategy- wise, going forward?

Depending on how long -- if you are looking for short-term, you would be relatively defensive because you will have some instability tied around the budget process.

Of course, we have the cr bill expiration.

In terms of economic data, quickly, what is the next most important data point on the horizon?

You get past this week coming up.

It is typically light on data points.

That is typically how it works.

The following week is what we have to look for.

We will talk to you and get a preview of what to expect.

Thank you so much for coming in.

We will be on the markets again in 30 minutes.

"bloomberg west" coming up next.

This text has been automatically generated. It may not be 100% accurate.

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