Taking McCarthy at his word
NAB Morning Call
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The US Labor Market and the Philly Fed Manufacturing Index
Jobless claims fell back down again last week, 242,000 against 254 expected. But then counter to that, we had the Philly Fed Manufacturing Index which showed a higher than expected fall in the employment component. So mixed numbers coming out, as usual, coming out of the US overnight. And the bond issuance projections, they're quite strong increases there as well, which could weigh on New Zealand relative yields a little bit.
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