Sumary of Peakish Growth? The 10Y Yield Decline Is More Signal Than Noise:
- For the second quarter, the growth expectations may be a touch high given the lagging labor market recovery (more on that topic below)..
- But what might be more important for understanding the labor market dynamics at work here is how many people are quitting their jobs..
- The churn helps explain the lack of an uptick in labor force participation while hires have moved above pre-covid levels.How does this tie into the narrative around GDP?…