BALL SAYS A SOFTER PAYROLLS FIGURE FRIDAY MAY LOWER TWO-YEAR YIELDS AND REDUCE THE 2026 TIGHTENING PATH, BUT ONE WEAK JOBS REPORT IS LESS LI

BALL SAYS A SOFTER PAYROLLS FIGURE FRIDAY MAY LOWER TWO-YEAR YIELDS AND REDUCE THE 2026 TIGHTENING PATH, BUT ONE WEAK JOBS REPORT IS LESS LIKELY TO RESCUE 10S AND 30S WHILE PRIOR GROWTH READINGS REMAIN FIRM, CONCLUDING THAT WARSH HAS MADE THE POLICY RATE LESS DOMINANT AND THE BOND MARKET MORE POWERFUL, LEAVING STEEPENING AS THE CLEAREST EXPRESSION OF THE NEW REGIME.