Businessweek.com compiles comments from Wall Street economists and strategists on the key economic and market topics of May 7.

Kim Rupert and Michael Wallace, Action Economics

Treasuries have caught a bid after yields jumped a couple of basis points following the better-than-expected jobs data. Some traders focused on the less impressive stats out of the report, including the flat earnings figure and the rise in the unemployment rate. But mostly the recovery in Treasuries is a result of ongoing uncertainties over the situation in the euro zone periphery [amid] skepticism the Group of Seven industrialized nations will come up with anything meaningful for the near term. According to U.S. officials, they seem to believe after today’s conference call that euro zone officials now have a better appreciation for the problems and are examining all options.

Meanwhile, [credit] spreads have blown out again, volatility is rising, while losses in stocks have deepened.

Nick Bennenbroek, Wells Fargo Bank

Currencies are for the most part correcting Thursday’s moves, in what nonetheless remain very volatile trading conditions. Most European currencies are higher, including the euro, with regional data firm and the German Upper House—importantly—approving the bill on financial aid for Greece. European leaders meeting in Brussels today, and there is a press conference scheduled for tonight European time. The pound is sharply lower, however, with the U.K. general election resulting in the hung Parliament that opinion polls had predicted.

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