Recent employment numbers have fallen short of expectations for two straight months, and many investors wonder what this means for markets. In today's episode, we are joined by Director of Global Macro, Jurrien Timmer, to provide insights on what's moving the markets around the world as we transition from early to mid-business cycle. Jurrien explains that the Fed and market know that the conversation for rising interest rates is inevitable. He says that from the March low in 2020, the S&P is up 95%. However, from April 2021 to now, it has not moved nearly as much. There is already a transition in the market as growth goes to value and as the high momentum stocks go toward more energy and financials. Jurrien discusses the structure of rates, noting that the market correctly anticipates that the Fed will raise rates very slowly and gradually. Jurrien also speaks about commodities and currencies. He says that it is hard to see commodities do better than they already have and that he remains structurally bearish on the U.S. dollar. Follow along with Jurrien's charts on Twitter: @TimmerFidelity

Recorded on June 7, 2021.