BlackRock's Rick Rieder on Jobs Report, Fed Rate Cuts, Yields

• US June jobs report is 'stable, but broadly unimpressive,' with tech layoffs up 83% year-on-year.
• Fed rate cuts are not off the table for the back end of the year, as core goods inflation is near zero and energy costs are improving.
• Yield opportunities are seen in European duration, emerging markets, and securitized markets, with a focus on 'income, income, income.'

Rick Rieder of BlackRock views the June jobs report as 'just okay' and 'unimpressive,' suggesting no immediate need for Fed rate hikes. He believes rate cuts are possible later in the year, especially with core goods inflation near zero and potential improvements in shelter costs. Rieder identifies attractive yield opportunities in European duration, emerging markets, and securitized markets, emphasizing income generation over tight-spread US investment grade.