Weaker than expected US non-farm payrolls data left bulls disappointed
– Fed funds futures imply 61% now see June rate hike from 70% yesterday
– 2year treasury yields hit 5 week low of 1.198%
So who thinks a rate hike is imminent now? Ok, so one swallow doesn’t make an summer but if the Fed is data dependent then this will have them scratching their chins at the very least.