March 30, 2021
Thursday’s release of final March manufacturing PMIs and US manufacturing ISM will influence bond yields. US and global economic activity is accelerating with PMIs set to hit records in the months ahead. Friday’s release of the US Jobs Report for March will also influence bond yields on Monday since markets are closed this Friday. Consensus for payroll additions has increased again to +632,500 from +614,000 yesterday. A number higher than +650,000 will accelerate the backup in yields. Keep in mind, the March payroll number will likely be the lowest number we can expect to see over the next several months.