Messy Payroll Numbers?

Key Points


Headline payroll disappointed though underlying indicators are less negative, UST curve bear steepening

Fresh supply in the credit markets has been more than well absorbed by the market thanks to the ongoing ECB purchases and sizable cash on the sidelines

We remain in the neutral camp given the market richness as well as supportive “technicals”; while some moderate beta compression is ongoing, we are not tempted to be longer in beta than now. Overall Portfolio beta is close to its long-term historical average

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