The jobs report from the US is due at 1230 GMT / 0830 US Eastern time.

us nfp may preview 02 June 2023


Analysts at Bank of Montreal note that the report is important for the June (13 - 14) FOMC meeting:

  • As newly nominated Vice-Chair Jefferson voiced his support for patience, but said a pause in June does not rule out future hikes, the market’s sentiment has swung increasingly in favor of steady policy rates on June 14th.
  • The realities of data dependence means that what ultimately transpires will be a function of Friday’s employment data, and CPI released on June 13th.
  • With the odds of a 25 bp hike in just under two weeks down to 28%, NFP will be pivotal input for any incoming rhetoric before the pre-meeting radio silence period begins.