ISM-Clarida Shake Yields up
Services ISM hit a fresh record at 64.1 with strong gains in prices paid (82.3 from 79.5) and employment (53.8 from 49.3). Clarida doubled down on taper and rates, saying the former could start as early as this year and the latter could lift by late 2022 or early 2023. 10 year yields spiked from under 1.14% to over 1.20%, dragging metals and JPY across the board. Clarida's comments could grease the wheels of USD bulls on any sign of beat in Friday's jobs figures, despite today's miss in the ADP.
Did Clarida's comments tell us anything new? Apart from telling us he is one of the hawkish dots who made the shift at the June FOMC, not much. The division inside the Fed will likely grow wider, which will only lead them to compromise on taper in terms of size, pace and timing.
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