Brian Chappatta, Columnist

Virus-Stricken Markets Couldn’t Care Less About Jobs Blowout

February’s employment report was strong. But markets don’t move on backward-looking data, and it’s a different world now.

March 6, 2020 at 2:50 PM UTC

By Brian Chappatta

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

Lots of disinfecting work to be had.
Photographer: Karen Ducey/Getty Images

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In ordinary times, February’s U.S jobs data would have been labeled as nothing short of a blowout. Treasury yields would have climbed, with the expectation that the Federal Reserve would leave interest rates alone and let the labor market run hot, reviving dormant inflation.

Needless to say, these are far from normal times.