Spinning May jobs number

Here comes the spin off of the horrible May jobs number.

Fed presidents are out there saying things like, “With the unemployment rate at 4.7%, we are near full employment so it makes sense to raise rates.”

They must think we are so clueless. Since the rate fell because of workers dropping out of the workforce, not because they were hired, but up and said they were not seeking work in the household survey.

Look to this language to help beaten up Wall Street bank stocks as yield curve flattens on the prospects of no rate rise. As I have said in January, nothing economically will justify a rate rise this year.

However like the Dec. 2015 rate rise, there may be a hike to correct the dysfunctional derivative pricing market.

I want to note that Bitcoin is approaching $590 as it quietly has jumped over 250% over the last 12 months.

Not advocating the electronic currency, but it is noteworthy that it has appreciated nicely while global currencies have tanked against each other over the recent past.

I can’t draw the conclusion that this action and most recent moves higher in Bitcoin is a direct response to the Brexit, but I think that’s a good place to look for its recent climb higher.


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