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Bond Traders Tell Fed to Wait Until December After Job Data Stun
For bond traders, the stalling U.S. job market means the Federal Reserve will probably lift interest rates just once this year, in December. The nation’s employers added workers at the slowest pace in almost six years in May, government data showed Friday. The report fueled a surge in Treasuries, driving yields on two-year notes down the most since September and all but erasing bets on a rate increase at the Fed’s June 14-15 meeting. Though central bankers have signaled that the following gathering, in July, might also be in play, derivatives traders are dubious of that timing as well. The market-implied ... (full story)