The yield on Treasury notes inched higher while global stock markets and U.S. futures fell as investors considered the impact of last week’s jobs data.
The mixture of an unexpected decline in job openings, non-farms payroll data reflecting less job growth than forecast and the unemployment rate being lower than anticipated suggested that the Federal Reserve would continue hiking interest rates.
Central bank speakers supported this narrative and continued to strike a hawkish tone in remarks made last week. Meanwhile, concern about interest rate hikes being implemented too quickly and causing a recession have been spreading among investors. No major data releases are expected on Monday, but various Fed speakers are due to give speeches which could provide further insights into future policies.
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