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Macro Monday (week 41): US economy and bond yields blaze a trail

Kay Van-Petersen
Global Macro Strategist

Summary:  China, the United States, Brazil

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Saxo Bank head of APAC macro strategy Kay Van-Petersen looks at what's in store for us in the week ahead as the focus turns to China's RRR cut, the US mid-terms and that surprising election in Brazil.

To download your copy of Van-Petersen's latest Macro Monday update, click here.

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Preview: A meaningless U.S. June Employment Report

Due to data volatility, misclassification and the recent rise in new COVID-19 cases conducting many States to put reopenings on hold, investors should refrain from drawing any hasty conclusions from the U.S. June Employment Report published by the Bureau of Labor Statistics today. The U-3 unemployment rate, which is the most commented, is likely to provide a truncated view of the real state of the U.S. labor market. For the time being, we prefer to refer to the U-6 unemployment rate, which better gauges labor underutilization, and the employment-to-population ratio in order to assess the evolution of U.S. employment.

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