Dah Ming Securities: Initial application data is very positive for the market
Gennadiy Goldberg, Head of US Interest Rate Strategy at TD Securities: I believe that the initial jobless claims data is very positive for the market as a whole. It reinforces the fact that the momentum in the labor market has not slowed down as reflected in non-farm employment reports, and also strengthens that there are no significant layoffs in the economy. What it confirms is that we see an increase in unemployment due to new entrants into the workforce, rather than mass layoffs. For markets, initial jobless claims data is quite encouraging. In absence of contrary data, we will continue to see a decrease in pricing for September rate cuts and higher yields.
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