BofA Securities said a stronger-than-expected June US nonfarm payrolls print
could tilt markets toward pricing three Fed rate hikes in 2026. After three
months of solid gains, BofA projects June payrolls +110k, citing modest initial
jobless claims and a strong ADP private-payrolls print, but flagged downside
risk: May’s surge in leisure and hospitality may reflect the World Cup or
Memorial Day, and if the latter the June print could ease.