The June US jobs report has come in on the softer side of expectations in most respects, but this will do nothing to alter the outlook for another interest rate rise at the 26 July FOMC meeting. Non-farm payrolls rose 209k in June and there were a net 110k of downward revisions to the past two months. Consensus forecasts centered on a gain of 230k, but the 'whisper' number was closer to 300k following yesterday’s ADP payrolls number and the ISM services employment index. As such we are seeing a fair bit of reversal from yesterday's market moves that saw government bond yields surge and interest rate expectations move ... (full story)