Why June's jobs and inflation data are bullish for bonds

The piece argues that June jobs and inflation-related data are “bullish” for bonds, tying the outlook to policy discussions around how inflation is measured. It says a new jobs report is worse than expected, citing that nonfarm payrolls reportedly halved between May and June and that prime-age (25–54) participation and employment rates fell. It also notes the household survey showed the U.S. lost about half a million jobs in the latest month, and that leisure and hospitality employment fell despite a boost from the World Cup crowding major U.S. cities. The article links this environment to calls for the Federal Reserve to change inflation calculations, referencing proposals discussed on July 2. It cites expectations for S&P 500 company earnings to rise 23% this quarter and references Truflation as a near-real-time price tracker.