The number of jobs the U.S. economy added in September was so high markets fell. But what happened after was a lesson in looking beyond the headline number.
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The number of jobs the U.S. economy added in September was so unexpectedly high that markets fell right on cue. But what happened after was a lesson in looking beyond the headline number. Like actors in a play, different parts of the market started to follow a well-rehearsed script. More investors grew convinced the Federal Reserve, forced by the stronger-than-expected labor market, would raise interest rates at its November meeting. Theretreated 0.9% at their lowest points during the day. Completing the trifecta, U.S. Treasury yields rose, with the 10-year yield hitting a 16-year high at 4.887% earlier Friday.
Indeed, as of Monday morning, investors are betting there's only a 13.7% chance — a 30 percentage point drop from Friday — the Fed will raise rates in November.
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