WS #15245
The US September Non-Farm Payrolls figure of 29k significantly missed the 89k consensus, shattering expectations for an October rate hike. This data release has catalyzed a sharp rally in US equities, with the Dow Jones rising 223 points, as bond yields slipped and the market priced in a higher probability of Fed easing. The White House National Economic Council Director Kevin Hassett signaled satisfaction with the report, further cementing the narrative that the labor market is cooling sufficiently to allow monetary policy flexibility.
Macro Pivot on Soft Jobs Data
The US September Non-Farm Payrolls figure of 29k significantly missed the 89k consensus, shattering expectations for an October rate hike. This data release has catalyzed a sharp rally in US equities, with the Dow Jones rising 223 points, as bond yields slipped and the market priced in a higher probability of Fed easing. The White House National Economic Council Director Kevin Hassett signaled satisfaction with the report, further cementing the narrative that the labor market is cooling sufficiently to allow monetary policy flexibility.