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Weekly Market Update: October 7, 2024
10/07/24
Strong Jobs Report Drives Increase in Yields
Last week was highlighted by Friday’s blockbuster Nonfarm Payrolls report which surpassed even the most bullish forecasts. The report revealed that the US economy added 254,000 jobs in September, well ahead of the 150,000 expected by economists. Additionally, the unemployment rate ticked down a tenth of a percent to 4.1%. While one report does not make a trend and these numbers are subject to revisions, the September labor data is indicative of a strong economy. Given the strength of the report, markets ratcheted back rate cut expectations and yields rose across the curve. Futures pricing implies a 97% chance of a 25-basis point cut at the Fed’s next meeting.
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This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.