Financial markets are finally coming around to the idea that U.S. interest rates are likely staying higher for longer, driven by Thursday’s blowout private-sector jobs report for June from ADP and the prospect of another strong official labor-market reading on Friday.It’s taken a while to get to this point, but the data finally appears to be too much to ignore. After payroll-services firm ADP reported 497,000 private-sector jobs were added in June — more than twice as many as forecasters had expected — the policy-sensitive 2-year rate BX:TMUBMUSD02Y briefly touched its highest level in 17 years and ended at 5%, while…
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