Disappointing Jobs Numbers Drive Yields Lower
US labour markets slowed more than expected in June, bolstering market odds on a rate cut from the Federal Reserve by September. On the headline level, the print was positive: according to data released by the Bureau of Labor Statistics, 206,000 jobs were added in the month, topping the 189,000 consensus forecast, and remaining well above the 120,000 that is generally believed sufficient to mechanically offset net growth in the labour force. Average hourly earnings climbed 0.3 percent month-over-month, down from 0.4 percent in the prior month, and were up 3.9 percent year-over-year. However, revisions to prior months saw overall...