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Higher treasury bonds bring cross-asset problems Bank of America's concerns are not a good sign
US Treasury bonds were unexpectedly strong this summer, beating all other assets, from small-cap stocks to commodities. In the eyes of Bank of America's technical team, this is a worrying sign. The ratio between US Treasury futures and the Russell 2000 index has risen after hitting an all-time low in March, as precarious inflationary trading dragged down small-cap stocks. Commodities are similar: bonds have taken a back seat due to the poor performance of copper and oil prices over the past few months. Bank of America said that in the past, when this ratio bottomed out, it usually meant that bonds could be expected to rise — possibly weakening risk appetite until the end of the year. This one
Federal Reserve Brad says the US job market is tighter than it looks
"I'm starting to think that the labour market should be interpreted as tight," James Bullard, president of the Federal Reserve Bank of St. Louis, said in an interview. "despite the booming economy and the rapid growth of GDP, I am not sure whether employment will catch up," Brad said, adding that monthly employment growth is not expected to reach 1 million for some time to come. Brad began calling on the Fed to look at other indicators of the tight job market, especially the ratio of unemployed to job openings. He said the Fed is about to start talking about reducing 120 a month.
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