Banking Pressures on $1 Trillion Treasury Issuance

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CAPITAL FLOWS IN GLOBAL MARKETS

Mixed messages on US jobs leave the market none the wiser. Companies are reporting a jobs surge in May, yet households are telling us employment plunged.

Who to believe? Well, with wage growth continuing to soften and hours worked edging lower the market is thinking the June FOMC meeting "skip" narrative still holds.

On Friday, investor confidence in the Federal Reserve's ability to hike rates increased on a good jobs report, sending global stock markets and rates on US Treasuries higher.

The US Senate's passage of bipartisan legislation on Thursday to raise the federal government's debt ceiling from US$31.4 trillion to a more manageable level also helped buoy the market.

The MSCI world equity index, which follows stocks in more than 50 nations, rose over 1.5%.