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By G. Steven Bray
Market reaction to last Fri’s jobs report was fast and furious. Mortgage rates rose to their highest levels of the year. The report’s headline numbers were strong, but some of the internal data weren’t so thrilling. In particular, wage growth returned to its previous anemic pace.
But markets weren’t interested. With a quieting of overseas drama, market currents have shifted to favor higher rates. The question now is what might reverse this current? Our attention shifts back to Europe. The European Central Bank began its quantitative easing program today, which pushed European rates back towards record lows. In addition, the commission responsible for reviewing Greece’s restructuring plan failed it. Greece reacted by floating the possibility of a new election. New drama?
The most significant economic data this week is retail sales on Thurs. Except the jobs report, much of recent economic data has been weaker than expected. A weak retail report could help create an eddy in the new market current.
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