Wow–the softening job openings report has really hammered interest rates lower – the 10 year Treasury now off by 11 basis points.
Obviously the folks trading bonds are are thinking like I have been thinking–it’s all about jobs, jobs, jobs.
The Job Openings and Labor Turnover report just came out this morning and job openings fell to the lowest level since March, 2021. Job openings are still plentiful with 1.34 jobs available for each unemployed person out there–just the same it is all about the direction and the direction is softening.
No doubt that the FOMC will leave rates unchanged next week.