Rate Snapshot: Job growth could mean earlier rate hikes

by 06 Mar 2015

By David Shirmeyer, CEO at Sigma Research

The usual walk on the wild side when employment data is reported didn’t disappoint. Forecasting job growth is impossible as we noted yesterday. The consensus estimate (if there is such a thing) was for job growth in the 230K to 240K range, as reported jobs increased 295K, private jobs also much stronger than expected, up 288K.

The unemployment rate was thought to be 5.6% from 5.7% in Jan, unemployment fell to 5.5%. Average hourly earnings up 0.1%, yr/yr +2.0%, slightly slower annual gain than January’s annual gain of 2.2%.

The labor-force participation rate fell to 62.8% in February from 62.9% in January. The figure is near the lowest level since the late 1970s. Yellen told Congress last week the labor-force participation rate is lower than expected “and wage growth remains sluggish, suggesting that some cyclical weakness persists.”  Vice Chairman Stanley Fischer said last week the central bank looked most likely to raise interest rates in June or September, although economic developments might warrant different timing.
 
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" 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Now what will the Fed do about increasing interest rates, and when will it begin? Until 8:30 this morning there was a growing belief the Fed would wait until later this year because incoming data painted a mixed picture that Yellen was concerned about. Now with this report this morning the momentary concern is the first rate hike has returned to June from later this year.

The last three months average job growth at 288K, but no increases in wages. The reaction in the bond and mortgage markets this morning isn’t surprising, the 10 yr jumped to 2.20%, up 9 bps from yesterday’s close and completely taking out our last vestige of near term support at 2.12%.
 
Yesterday afternoon we reported a new CNN poll that puts another perspective on jobs and incomes. This morning with the data from Feb the poll is under the rug but should be revisited to put a little perspective on this morning’s explosive job growth. “CNN recently ran a poll of citizens and it was yet another bearish outlook from the little people. 75% of those surveyed said they are worried about the economy, with 69% saying economic conditions are not good. Meanwhile, a full 65% believes the country is on the "wrong track."

The gap between high- and low-income groups is the widest it has been in 100 years and the share of U.S. consumers who call themselves middle class has never been lower. The Social Security Administration saying income last year was $2,100 lower than in 2009 and $3,600 lower than in 2001; 50% of all American workers made less than $28,031 a year, while a whopping 39% brought home less than $20,000. The labor participation rate, a key in tomorrow’s employment data, of people in the work force has dropped to 62.7%, matching the February 1978 lows. A remarkable 92.6 million people are not in the labor force.”
 
What is reality these days? Not sure anymore, neither are economists and pundits or the Federal Reserve. I can paint the picture any way you want, strong growth coming and unemployment down to under 5.0%; or an economy teetering on the edge with most consumers deep in debt and not earning a living wage. The various data points allow for differing interpretations and there is no lack of them. The Fed waking on eggs and now traders worry that the Fed has fallen well behind the curve in terms of moving too late. Interest rates pointing to higher rates that won’t help consumers buying homes.
 
Equity market investors didn’t like the strong jobs growth; puts the Fed back in play pushing interest rates higher this morning. At 9:30 the DJIA opened down 109, the broader market not so bad; NASDAQ -11, S&P -9. The 10 yr note blew out its support at 2.12%, at 9:30 2.20% and 30 yr MBS price-44 bps. The US dollar is strengthening every day now, against the euro currency moving to parity and that is not a plus for the economy or the US stock market.
 
The bond and mortgage markets turned bearish on 2/6. Since then we have consistently warned about floating. The initial reaction this morning took the 10 above our last vestige of support when it moved above 2.12% and it is very likely the note will close today above the support setting a move now to 2.30%.
  

PRICES @ 10:00 AM
10 yr note:                  -26/32 (81 bp) 2.21% +10 bp
5 yr note:                    -15/32 (47 bp) 1.67% +10 bp
2 Yr note:                    -4/32 (12 bp) 0.71% +6 bp
30 yr bond:                 -45/32 (140 bp) 2.80% +9 bp
Libor Rates:                1 mo 0.175%; 3 mo 0.263%; 6 mo 0.395%; 1 yr 0.688%
30 yr FNMA 3.0 Mar:  @9:30 100.97 -44 bp (-36 bp from 9:30 yesterday)
15 yr FNMA 3.0 Mar:  @9:30 104.28 -28 bp (-14 bp from 9:30 yesterday)
30 yr GNMA 3.0 Mar:  @9:30 102.08 -27 bp (-24 bp from 9:30 yesterday)
Dollar/Yen:                120.93 +0.80 yen
Dollar/Euro:               $1.0874 -$0.0156
Gold:                         $1177.20 -$19.00
Crude Oil:                 $49.97 -$0.79
DJIA:                        18,072.79 -62.93
NASDAQ:                  4978.60 -4.21
S&P 500:                   2095.02 -6.24
 
 

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