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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