Latest news with #JeffreyRosenberg
Yahoo
3 days ago
- Business
- Yahoo
Rosenberg Sees a 'Slowing-But-Still Strong Labor Market'
Jeffrey Rosenberg, portfolio manager at BlackRock Inc., says the May jobs report means the Federal Reserve can take a wait-and-see approach when it comes to interest rates. "The big takeaway is a slowing-but-still strong labor market," he said on "Bloomberg Surveillance." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
4 days ago
- Business
- Bloomberg
Rosenberg Sees a 'Slowing-But-Still Strong Labor Market'
Jeffrey Rosenberg, portfolio manager at BlackRock Inc., says the May jobs report means the Federal Reserve can take a wait-and-see approach when it comes to interest rates. 'The big takeaway is a slowing-but-still strong labor market," he said on "Bloomberg Surveillance." (Source: Bloomberg)
Yahoo
4 days ago
- Business
- Yahoo
Traders Reel In Fed Cut Bets as Strong Job Data Drags on Bonds
(Bloomberg) -- Treasuries slumped after stronger-than-expected US job and wage growth prompted traders to trim bets that the Federal Reserve will cut interest rates this year. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. The Friday selloff lifted yields across maturities by as much as 10 basis points, led by shorter-dated tenors more sensitive to Fed rate changes. The benchmark 10-year note's rate rose eight basis points to 4.47%, and yields across the spectrum once again exceeded 4%. Interest-rate swaps showed traders now see a roughly 70% chance of a quarter-point rate cut by September, compared with a probability of about 90% on Thursday. Fewer than two rate cuts are fully priced in for the year. 'You are seeing a little bit of the bond market reaction here of pricing out a bit of the expectations in terms of the Fed,' Jeffrey Rosenberg, portfolio manager at BlackRock Inc., said on Bloomberg Television. 'The big takeaway is a slowing-but-still strong labor market.' Nonfarm payrolls increased 139,000 last month after a combined 95,000 downward revisions to the prior two months. The median forecast of economists was for an increase of 126,000. The unemployment rate held at 4.2%, while hourly wages picked up. Steep gains for US equities also curbed demand for bonds. The S&P 500 and other major benchmarks rose more than 1%. Following the job report, President Donald Trump urged the Fed to cut rates by a full point, intensifying his pressure campaign against Chair Jerome Powell. Fed policymakers have said they are waiting for more data before lowering rates as they balance the risks of still elevated inflation and a potential economic slowdown. Officials have said it could take months to gain clarity on the economic impacts of sweeping policy changes, particularly around trade. Consumer price index data for May, scheduled to be released June 11, is expected to slow acceleration, according to the median economist estimates in a Bloomberg survey. The overall rate is seen rising to 2.5% from 2.3%, the core rate to 2.9% from 2.8%. Fed officials traditionally observe a communications blackout beginning the second Saturday before a meeting, a period that begins June 7. Also ahead next week are Treasury auctions of three- and 10-year notes and 30-year bonds, whose expected yields are higher as a result of Friday's selloff. This week's data has painted a mixed picture of the job market amid the uncertainties of the Trump administration's tariff wars. ADP private-sector payrolls showed hiring decelerated in May to the slowest pace in two years, while job openings unexpectedly rose in April. 'There's nothing here to change the status quo for the Fed,' said Ed Al-Hussainy, a rates strategist at Columbia Threadneedle Investment, referring to Friday's report. 'Some downside bets on Fed cuts this summer will likely come out.' Wall Street views on how much Fed easing is likely to occur this year range from none to as much as 100 basis points. The most common forecast among major banks is for just one cut, in either September or December. Traders are still wagering on policymakers keeping rates on hold at their June 17-18 gathering, and seeing only 10% of a chance for a move in July. 'The jobs number takes June and July off the table,' said Kevin Flanagan, head of fixed income strategy at WisdomTree. 'We continue to play this waiting game and with no visible slowing in jobs, the market now turns to focusing on whether the disinflation trend continues with CPI next week.' What Bloomberg strategists say... 'While the initial bond reaction has focused on the earnings beat (and possibly the marginal headline beat), in aggregate this data doesn't really move the needle on our understanding of the labor market.' — Cameron Crise, Markets Live Blog macro strategist In the currency market, a Bloomberg gauge of the dollar rose to the day's high after the release of the report, then moderated gains. The measure remains on course for a 0.4% decline on the week, with currency markets increasingly focusing on economic data. --With assistance from Carter Johnson, Edward Bolingbroke and Alice Gledhill. (Adds commentary, updates prices.) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P.
Bloomberg
4 days ago
- Business
- Bloomberg
Bloomberg Surveillance TV: June 6, 2025
- Jeffrey Rosenberg, Portfolio Manager: Systematic Multi-Strategy Fund at BlackRock - Stephanie Roth, Chief Economist at Wolfe Research - Dan Ives, Global Head of Technology at Wedbush Securities - Ed Mills, Washington Policy Analyst with Raymond James Dan Ives, Global Head of Technology at Wedbush Securities, discusses the feud between Elon Musk and President Trump and how it's affecting Tesla stock, Musk's other companies, and his personal wealth. Jeffrey Rosenberg, Portfolio Manager: Systematic Multi-Strategy Fund at BlackRock and Stephanie Roth, Chief Economist at Wolfe Research offer their analysis of May nonfarm payrolls data and discuss the outlook for the labor market. Ed Mills, Washington Policy Analyst with Raymond James, discusses President Trump's agenda and his public feud with Elon Musk.
Bloomberg
07-05-2025
- Business
- Bloomberg
BlackRock's Rosenberg: 'It's a Time for Diversification'
"It's certainly a moment to be adding diversification to your portfolio," Jeffrey Rosenberg, systemic multi-strategy fund portfolio manager at BlackRock, says during an interview on Bloomberg Television after the Federal Reserve's decision to hold rates steady. (Source: Bloomberg)
