Private nonfarm payrolls in the US are projected to increase by 195,000 (seasonally adjusted) in tomorrow’s April update of the ADP Employment Report, based on The Capital Spectator’s median point forecast for several econometric estimates. The median projection represents a slightly higher increase vs. February’s rise.
Continue reading →

Chicago Fed President Charles Evans recommends waiting until 2016 to start raising interest rates. The tipping point, he advised in a speech yesterday, should be compelling evidence that wages are rising in a robust degree. For the moment, that evidence is lacking, he noted. Yet it’s not obvious that the Treasury market agrees with Evans. Yields on government bonds are still trending higher, despite a mixed batch of economic reports in recent weeks.
Continue reading →

● US factory orders rebound solidly, but trend still soft | Reuters
● Global Manufacturing PMI falls to 21-month low | Markit
● Eurozone producer prices pick up | MarketWatch
● Reserve Bank of Australia cuts official cash rate to record low 2% | SMH
● Inflation Expectations Tick Up | WSJ
● EU Raises Growth Outlook as ECB Counters Greek Threat | Bloomberg