Phil Grossfield's Blog

A LITTLE EXTRA…

MY BIRTHDAY! Jobs Report

My Schedule…and A Little Extra:  I woke up with two kids jumping on my head to wish me a happy birthday.  Truly awesome!  My cat left a nice present for me on the carpet this morning to clean up.  Not so awesome but I like to think the gesture is genuine.  My Facebook page is slammed with birthday messages…one of the best things about FB.  I suspect I’m getting new clothes from the wife…I hope there are a few surprises too.  I convinced my kids to wait until later today to give me their presents…I like the idea of waiting all day until dinner and then opening them all up at once.  The Markets should make my job better today with weak economic reports coming in…rates should be much improved…awesome.  My brother’s birthday is also today…he is exactly 10-years older than I…he is 45 today…plus 10.  Sharing a birthday with your brother is a cool thing…it provides a slightly stronger connection.  On my 10th birthday I remember him telling me about how I was born on his 10th birthday.  My Mom already called this morning to wish me a Happy Birthday…my voicemail says she called at 6:55a (she lives in Minnesota).  And I have but one birthday wish from you…please put your name on my wife’s interest list for her new book…click here to enter your name.  Beyond that, I hope your weekend is fantastic…I’ll put that in my birthday wish when I blow out the candles later….  J

My Market Watch:  Rates should be much improved this morning…HAPPY BIRTHDAY!  The Jobs Report came in much worse than expected with only 96,000 new jobs created.  They were expecting closer to 130,000.  This is how the thought process of a trader worse:  Oh, so I expected that the economy would have produced 130,000 new jobs for Americans in August but only 96,000 was reported.  Hmmm, less jobs for Americans…that must mean the economy is not doing well.  Well, I guess I’d better buy bonds…they’re a safer bet than stocks right now.  Hey, I also see a report that there are more Americans looking for work right now than in the last 30 years.  You know, I think I’ll sell some stocks and buy bonds instead.  Yeah, buy bonds…that’s what I’ll do!  When traders buy bonds, rates/prices get better…it’s that simple.  Bond prices are up 60bps already this morning.  My Disclaimer

My Schedule: Working from home early this morning and then out this afternoon.  I’m done at 4p today.

 

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