I am not certain why markets have decided today to pay attention to the jobs number which showed 467,000 new jobs being created. Given that the BLS raised Decembers number by 300,000 from the previously announced number of 199,000 we know there is no reliability in the numbers. Oh well just another government number which at the least gives Chair Powell ‘cover’ for an initial interest rate hike.
The 10 year treasury popped to 1.91% with the news which matches the high in December, 2019. We’ll see if we get the typical drift down in rates or if they hold and shoot higher.
A survey of our accounts yesterday shows the same pattern–dividends and interest received and capital lost–although the net number isn’t too bad. I have not bought or sold anything at all in a few weeks–content to try to stay in mostly term preferreds and baby bonds with shorter maturities. I do hold some perpetuals–in limited numbers, which has been somewhat costly–but I continue to hold them.