Headlines discussed at LNWM’s Monday morning briefing:
— US private sector payrolls fell by 20.2 million jobs in April, the worst monthly job loss ever, although much of it could prove temporary.
— The futures market is pricing in negative US interest rates by next April, something the Fed has said it wants to avoid; Fed Chair Powell to speak on economy this Wed.
— US and Chinese officials are moving ahead with a “Phase 1” trade deal, even as Trump mulls termination.
— Eurozone countries are continuing to lift COVID-19 lockdowns cautiously, with Germany showing a slight but worrisome rise in infection rates.
— US consumer debt was at a record $14.3 trillion at the end of March 2020; last previous record was $12.7 trillion in 3rd quarter 2008.
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