Commentary
The biggest news over the past week must include U.S. jobs growth. News of the nearly 1 million more jobs available in a month is certainly exceptional. Before 2020 when the United States achieved historically low unemployment rates, one-fourth or one-fifth of this was regarded as significant. The latest release called the Federal Reserve and the market to action. The Federal Reserve Board confirmed the urgency to taper that could start in a month or two. While the market was hesitating about the Fed’s determinism, the 10-year Treasury yield reversed the recent downtrend since mid-May.
