Republic Risk: No Rate Cuts in 2024

I just don't have any reason to believe that the Fed will cut rates this year. Yet the market is behaving today like they're going to cut tomorrow.

Equity Storm Watch Is YELLOW on the S&P 500 and YELLOW on the Russell 2000

The U.S. jobs report came in lower than expected. The nation added just 175,000 jobs in April, a surprise that sent the 10-year bond yield lower. Don’t get too comfortable yet, as there appear to be additional funding challenges ahead for the central bank. This morning's market pop could turn into a sell-the-news moment, but we should see ample short-covering due to the report. I’ll have an update for you soon… but we’re trending Green again, with lots of effort to provide liquidity in this market.

What to Do Today: If you have been building a list recently, it’s time to revisit some of the names you wanted to buy. If you have never owned PBF Energy (PBF), now is an excellent time to consider buying it. 

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Dear Fellow Expat: 

Good morning. This morning’s payroll report was the worst we’ve seen in three years, and we just had the lowest jobs print since last October. This is a two-sigma miss, an even…