Inflation debate over Biden’s stimulus as jobs growth disappoints

When bad news is good news. Friday’s US labour market update disappointed with details in the report painting an even grimmer picture. President Biden noted the report highlighted the risk of doing “too little”, reaffirming his commitment to get a big stimulus done with or without Republican support. US equities closed modestly higher, encouraged by the idea of more fiscal spending. The UST curve steepened a little bit more with an uptick on inflation expectations driving the move up in longer dated yields. The USD was broadly weaker, the AUD ended the week close to its overnight high and the euro … (full story)

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