If inflation won’t cool, jobs must
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Markets are looking for relief as rising oil prices, sticky inflation and mounting debt keep global bond yields under pressure. Attention now turns to the US jobs report. A softer-than-expected print — ideally accompanied by softer wage growth — could give Fed doves more room, pull yields and the dollar lower, and support equity valuations. But strong jobs data could reinforce inflation fears and keep borrowing costs elevated.
Meanwhile, hawkish policy expectations are building across major central banks, from the Fed to the BoJ, while elevated energy prices are creating very different winners and losers across global markets. Energy-heavy indices...
