BofA’s Hartnett Sees Risk-On Rally If Jobs Are as Expected
- Payrolls supporting soft landing to keep bond yields in range
- A ‘blowout’ report and jump in bond yield would be risk-off
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Risk assets are likely to rally if the monthly US jobs report due Friday is within the range of expectations, according to Bank of America Corp. strategist Michael Hartnett.
The strategist said if the monthly payrolls data were to show the US economy added between 125,000 to 175,000 jobs last month, that would support a soft economic landing and keep bond yields in a range, sparking a risk-on trade. The median forecast of economists sees an increase of 150,000, according to a Bloomberg survey.