New Zealand Morning Focus

Strong US labor market data for May prompted a decline in equity markets and a rise in bond yields as investors adjusted expectations for Fed rate hikes. ANZ Research maintains its view that the Fed will remain on hold for the coming six months.

Key Takeaways

• 1.US nonfarm payrolls rose by 172k in May, significantly exceeding consensus expectations of 88k.
• 2.Equity markets declined and bond yields rose as markets fully priced in a 25bp Federal Reserve rate hike by year-end.

Table of Contents

• Highlights
• Data and events today
• Financial markets
• Global markets overview
• Key data and events
• Key themes and views

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