Daily Note | June 5, 2024 | Rates Are Falling Again.

Today's data dump included the ADP jobs report showing 152K new jobs, much less than predicted. The data is being held as the latest sign that the labor market is showing signs of weakness.

As such, markets are up on the news with rates down. The 10-yr yield briefly broke below 4.30%. Then the ISM Services PMI came out showing a 53.8, up from a contracti…