febri the third is in the books here on
Wall Street here's the New York minute
it's been a day dominated as you might
expect by the non-farm payrolls report
this was the most important number from
the reports average hourly earnings had
been rising quite well pegged back
somewhat this month bad news for Main
streets good news for Wall Street
because it means less pressure on
inflation less pressure to raise rates
as you can see the 2-year bond yield
dropped very sharply after we got the
report but it did rebound later after we
heard from the chairman of the san
francisco fed same as you thought it
might be a good idea to raise rates next
month now there is another plot on the
political landscape I mean it's in
France if we take a look at how yields
of French bombs are rising compared to
German yields you can see that markets
are getting very worried by the
political pressures there ahead of the
election later this year meanwhile the
Dow here is back through 20,000 the
biggest winner amongst our constituents
since the election is Goldman Sachs the
biggest loser is warm up Joe Sixpack
must be delighted and that's the New
York minute