How Wall Street Views the U.S. April Jobs Report

The transcript discusses the implications of recent payroll reports on the market's expectations for rate cuts. It explores the Fed's mandate of full employment and price stability, highlighting the current economic conditions as favorable. The market's reaction to the Fed's policy is analyzed, with a focus on the asymmetric risk in interest rates and the yield curve. The discussion also covers market mispricing and the concept of average inflation targeting. Finally, the economic outlook is considered, with an emphasis on domestic demand and wage analysis.

What does the speaker mean by 'asymmetric risk reward in interest rates'?

Discuss the significance of average inflation targeting as mentioned in the text.