J.P. Morgan changes first Fed rate cut to November from July

The year started with the Fed projecting six rate cuts. On Wednesday next week, the Fed may lower that projection to one cut after today’s stronger-than-expected US jobs report.

J.P. Morgan is giving up on multiple breakouts by now seen the first Fed rate cut in November. They were projecting a July rate cut.

US yields remain higher on the day but still all their highest levels reached eight days ago:

• 2 year yield 4.857%, +13.7 basis points. The high-yield 8-days ago reached 5.0%
• 5-year yield 4.437%, +14.6 basis points
• 10 year yield 4.413%, +13.3 basis points
• 30-year yield 4.533%, +10.4 basis points

This article was written by Greg Michalowski at www.forexlive.com.