NYSE Floor Trader Weighs In On Jobs Number, Interest Rates

Jonathan Corpina was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

NYSE floor trader and Meridian Equity Partners Senior Managing Partner Jonathan Corpina discussed Friday’s job numbers on the show.

After a disappointing jobs report in April, Corpina thought that investors were waiting for Friday’s number to match a more positive trend seen in previous reports, however, he was “quite surprised” by the downside revisions.

Corpina felt the latest job numbers would not “help or hurt” in the Fed’s decision-making process on when to raise interest rates.

“I don’t think the Fed needs to and I don’t think the Fed wants to do anything in a short period of time,” Corpina said.

The trader noted that when the Fed tapered its quantitative easing program there was no adverse impact to the overall economy. As a result, the Fed was in a position to push the issue of raising rates “down the road” and Corpina did not foresee an interest rate hike in 2015.

“I don’t think they’re going to have enough reason to do anything soon” on interest rates, Corpina concluded.

Listen to the show here: