The markets chopped all day as a hawkish leaning ADP and JOLTS were offset by a dovish Powell tweak in which he said everything remains data dependent. Mr. P did largely reiterate his remarks from yesterday, but the fact remains that “the US economy has been remarkably resilient to higher rates” and that gives our friends at The Fed more ammunition for a 50-bp rate hike later this month. ADP came in better than expected at 242k (vs. 200k) and prompted a bit of short covering and Treasuries. How…
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