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On the SPOT™ blog (07/06/2023) [M..]

ADP data showed that private sector payrolls shot up in June and the the rise was much more than estimated. Last week's unemployment claims rise was moderate. Job openings seems to have fallen but still in a very healthy territory. In general, labor market seems robust. This combined with yesterday's FOMC meeting minutes (that showed that there were some members who were supporting rate hike even in June and majority of them seem to estimate couple of rate hikes this year) seems to have increased the probability (as opposed to certainty) of rate hike at this month's FOMC meeting. This seems to be the cause for all three major US indices in solid red right now (morning PST).

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