Asia Session: Regional Markets Open On Cautious Note; Oil, Gold Rise – Investing.com

Asia Session: Regional Markets Open On Cautious Note; Oil, Gold Rise – Investing.com

Well, the US finally pulled itself out of a rut on Friday, printing well above forecasts at 531,000 jobs added while adding an upward 235,000 revision to the back months. The high-frequency NFIB survey showed a high proportion of small businesses intend to raise worker compensation. Workforce held steady at 61.60%, once again suggesting that the post-pandemic workforce in the US is now quite a bit smaller than it was pre-pandemic. Finally, the US House of Representatives passed the US infrastructure bill unlocking $1.2 trillion of new spending.

So, there are plenty of reasons to be a little nervous about the Fed's transitory inflation narrative. Maybe lighten up on some equities, sell a few bonds and buy some US dollars. Wrong! With the employment gains broadly based across sectors, equities rose as economic recovery sentiment won out. Another day, another record close for Wall Street. US yields edged lower, and the US dollar gave back a few of its recent gains. US capital markets only want to hear one story at the moment as that's what suits its buy-everything narrative. That's an economic recovery reinforced by total belief in Jerome Powell's promises that post-the-Fed-taper interest rates hikes will not