Market’s Delayed Reaction to the Jobs Report – Ep. 69
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 7 April 2015
⏱️ 15 minutes
🧾️ Download transcript
Summary
* Markets are finally getting a chance to react to worst jobs report in two years
* March non-farm payrolls coming in at about half of forecast
* Dollar was off about 1% on FOREX
* Stock futures were down on opening bell but shot 100 points higher
* "Bad News is Good News" rally
* CNBC thinks jobs takes June rate hike is off the table - but it was never on the table in the first place
* The Fed will not be serving a September rate hike either
* It's going to be an all you can eat "QE Buffet"
* The dollar should have sold off more, but the bull market persists
* Currency traders are using circular logic about the strong dollar
* The dollar is rising for the same reason that the economy is slowing - the Fed has suspended QE and higher rates are expected
* The effects of a strong currency should build over time
* When the dollar uptrend ends, it will be a collapse because there are so many people on the wrong side of the trade
* March ISM Non-Manufacturing Index slipped more than expected - lowest since June 2014, a two-year low
* Monday WSJ article said that if Fed is worried to raise rates even a quarter of a point, then the U.S. Economy is not as strong as everyone thinks
* If the Fed really believes the economy is strong, they would have already raised rates
* Continued low interest rates indicate the Fed does not believe the economy is strong.
* Crude Oil continues to rebound - above $53/barrel
* If we close above $54, the market should see move up to mid $70's
* Higher oil prices will start to hurt consumers
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.0 | Well the markets are finally getting a chance to react to the worst jobs report in two |
| 0:16.1 | years. |
| 0:17.1 | It spoke about on my last podcast with the March non-Farm payrolls coming in about half of |
| 0:23.8 | what the experts had forecast. |
| 0:25.7 | All the markets were closed. |
| 0:26.9 | It was good Friday. |
| 0:28.4 | The Ford Exchange markets though were trading and the dollar was off about 1%. |
| 0:34.3 | Stock futures were down. |
| 0:37.1 | Maybe about 100 points are so equivalent on the Dow before the market opened on Monday. |
| 0:42.6 | But then shot higher and I think we finished better than 100 points higher. |
| 0:48.8 | One of the reasons that we had this turnaround was a bad news is good news kind of rally. |
| 0:55.6 | We got statements from federal officials to the extent that well even if we raise interest |
| 1:01.9 | rates or when we start raising rates we are going to go slowly or the rate hikes won't |
| 1:07.2 | be that substantial. |
| 1:09.9 | And I guess that's what the market wanted to hear even though the bad news should have |
| 1:15.5 | already dissuade any of the hopes or fears I guess depending on your perspective about |
| 1:22.2 | the fed raising interest rates anytime soon. |
| 1:26.1 | I was watching on CNBC yesterday morning and they're talking about how well we think |
| 1:32.8 | this jobs number has taken a June rate hike off the table. |
| 1:40.9 | And now we're looking at September. |
| 1:43.8 | And these guys still don't understand that a June rate hike never was on the table in |
... |
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