Latest / The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy
Why Bond Yields Are Rising Despite Slowing Jobs Data
The bond market and the jobs market are sending mixed signals. On this episode of The Macro Memo, Lucas and Luna unpack the June ADP payroll miss — just 98,000 private jobs added, well below expectations — even as the ten-year Treasury yield climbs toward four and a half percent. They explore what's driving the disconnect: sticky core services inflation, the Fed's elevated interest on reserve balances at 3.65 percent, and a labor market that remains tight by historical standards despite the headline softness. The hosts also examine the recent surge in jobless claims before they…
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