Jobs day arrives, Biden warns on Russia and winter doldrums hit UK.
It’s finally US jobs day. The median estimate in Bloomberg survey is for a gain of 255k in September non-farm payrolls, a slower pace than the 315k rate seen the previous month. While that gave rise to a narrative that the Federal Reserve may rethink its most aggressive tightening campaign since the 1980s, several officials have pushed back with a resolutely hawkish tone. Guggenheim Partners’ Scott Minerd heard the message loud and clear and thinks the Fed will continue with rate increases until “something breaks.” But should the data disappoint, it will validate views by Bill Gross, Doubleline’s Jeffrey Gundlach and Pimco’s Andrew Balls, who have all argued that bonds are attractive now.
