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WATCH: US Job Growth Slows in March, Unemployment Falls
Treasuries speculators timed their bets before strong US jobs data, the bond market overplays the risk of a deep recession and tech is set for a tough earnings season. — Heather Burke
Speculators timed it just about perfectly before Friday’s strong US payrolls data, adding the most to their bets against benchmark Treasuries in just over a year. Net-short leveraged fund positions in 10-year futures climbed by almost 150,000 contracts in the week to last Tuesday, according to the latest report from the Commodity Futures Trading Commission. Treasuries slumped on Friday after the March labor data boosted expectations that the Federal Reserve will hike rates by a quarter point in early May. Overall, the March payrolls data — following strong readings in the prior two months — paint a picture of resilient labor demand that is particularly remarkable as other parts of the economy slow.