Two weeks ago we summarized the stunning impact that ECB Predit Mario Draghi's 'whatever it takes' efforts have had on European capital markets in one simple chart...
The European Central Bank now owns 14.8% of all eligible European corporate bonds.
And now the dovish Fed has another problem: the BLS reports that in July the US added 209K jobs, beating consensus expectations of a 180K print, while June was revised higher to 231K from 222K, even as May was revised modestly lower from 152K to 145K, for a net gain of +2,000 in the prior two months.
Nonfarm private payrolls rose 205k vs last month's 194k, and above the estimate of 180k, as the drop from durable manufacturing failed to materialize. In a familiar refrain, bars and restaurants hired the most workers of any sector in July.
Authored by Mike Shedlock via MishTalk.com,
Yesterday, I commented on “transitory” factors holding down inflation.
Today, the Wall Street Journal reports Global Inflation Hits Lowest Level Since 2009.
Gold Outperforming Stocks YTD As Dollar Has 5th Monthly Decline
It took stocks only a few minute to "price in" the latest political shock out of Washington, and as of this morning Emini futures no longer care that Mueller has a grand jury, trading 0.08% in the green with European stocks and Asian shares all little changed as investors await the looming July jobs report, which is expected to show a slowdown in hiring from 222K to 180K but will have little impact on either the Fed's thinking or the market.