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Stock prices rose and bond yields edged lower today on hopes that the Trump administration will soon start to deliver trade deals and the Fed might deliver cuts in the federal funds rate if the labor market shows signs of weakening. Commerce Secretary Howard Lutnick said today that the administration has its first trade deal, but it is not fully finalized. He declined to name the country involved (Freedonia?).
Today's Consumer Confidence Index (CCI) survey for April showed that current labor market conditions remain solid this month but are expected to get weaker. The March JOLTS report confirmed that the labor market remained robust last month. Let's review the implications of today's data:
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