Stocks are on the rise as bond yields slump following the April jobs report. Morgan Stanley Investment Management Co-Head of Broad Markets Fixed Income Vishal Khanduja joins Morning Brief to break down what the weaker-than-expected report means for the economy.
April saw an unexpected jump in unemployment as hiring and wage growth both slowed. Khanduja notes that following the Fed’s decision to leave rates unchanged, the bond market is at a point "where it releases a lot of that pressure that was building up."
Khanduja says there were three things that happened this week to help relieve that pressure: the US Treasury’s quarterly refunding announcement, a more "dovish FOMC," and the cooler April employment report.
He tells Brad Smith and Akiko Fujita that two to three more reports like April’s could guide the Fed’s decision to move toward cuts.
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