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3w ago Managed Futures futuresmag Views: 534

It’s important to note the ongoing differences between the ADP private payrolls survey and the official Nonfarm Payroll report due this Friday. Over the last 3 months, CNBC noted an average difference of 337,000 jobs between the reports.Although there’s been a clear deviation from the ADP Payrolls read and the official Nonfarm data, markets will certainly be paying attention.Treasuries have traded lower on the news of House Democrats' massive budget and in anticipation of the added supply via today’s $61 billion in 5-Year Notes being auctioned. In our opinion, this could just be a start.Goldman Sachs has pushed out their expectation for a Fed taper announcement to November or December due to Delta variant uncertainties.Expectations have mounted for Fed Chair Jerome Powell to more clearly, if not officially, communicate a timeline to begin tapering the Federal Reserve’s monthly asset purchases at his Jackson Hole speech on Friday.It’s now less about a taper announcement, because it’s certainly coming, and more about the pace the Fed tapers its $120 billion in monthly asset purchases. U.S. benchmarks finished off their worst levels yesterday and found not-so-hawkish comments from Fed Chair Jerome Powell to be supportive. Despite a powerful finish, there was little follow through overnight and all 4 major U.S. benchmarks are lower at the onset of U.S. hours with the Russell 2000 leading.Is inflation transitory? The debate is front and center. Data for July is expected to increase but at a slower pace than the last three months.Federal Reserve wants to be able to taper assets, but the reemergence of another Covid wave has buoyed markets, specifically Tech, as it may elongate the Fed’s path. -

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