US Bond Market Week in Review: Will The Employment Report Slow the Pace of Rate Hikes, Edition?

     On Friday, the BLS reported job growth of 160,000, which was about 40,000 below consensus estimates.  Although this is only one month of data in a highly volatile statistical series, it could have profound consequences for Fed policy.  For the last year, Fed statements and speeches have used the low unemployment rate as partial justification for rate increases.  Now with one month of weaker data, it’s possible a hawkish consensus will give way to more dovishness, postponing further rate increases until at least the end of the summer.

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