Monday 7th June 2021
Not too good, not too bad, that seems to have been the market response to the non-farm payrolls numbers out of the US on Friday. NAB’s Rodrigo Catril says it reinforced the view that the labour market was recovering in the US, but not so fast that it would prompt tapering discussions. The result has been a sharp fall in Treasury yields and a pick-up in risk assets. It’s a different story in Canada, but as discussed in today’s podcast, it’s all a question of timing and lockdowns. The G7’s agreement in principle to a 15% minimum corporate tax was another highlight at the end of last week, but there’s still a long way to go.