Federal Reserve Chair Janet Yellen is set to make a speech today in Philadelphia in the wake of the disappointing May US jobs report. The data point to the weakest job growth since September 2010, calling into question whether the Fed will lift rates this summer as previously anticipated, according to the FT (paywall). Meanwhile, Bill Gross of Janus Capital says low interest rates are destructive (running time: 22:27) in a talk with Bloomberg about the jobs report how it may impact Yellen’s decision making process.

The European Central Bank will begin its program to buy corporate bonds on Wednesday, according to the FT (paywall). And while investors are rushing to buy corporate bonds eligible for the program, according to Bloomberg, some worry it could kick up an “M&A or share buyback boom and drive a deterioration of credit quality; or force investors to take on excessive credit and duration risk,” according to the FT (paywall). “Others wonder if the ECB buying will fall far short of what is already priced in. Then there are external shocks — the surprisingly low US jobs figure drove yields on some German Bunds so low that they are ineligible for ECB QE buying.”