Much stronger-than-expected U.S. job growth stopped early-year rallies in stocks and bonds dead in their tracks on Friday, forcing Wall Street to recalibrate expectations for how much more hawkish the Federal Reserve will need to be in its fight against inflation.
"This report gives us more confidence that the Fed's got to keep going, and that increases at the margin the odds that we do have to deal with a recession at some point later this year," said Michael Reynolds, vice president of investment strategy at Glenmede, who has been underweight equities while holding a larger allocation to fixed income and cash.
The reading quelled hopes that the U.S. central bank might stop its tightening cycle, which is the most aggressive since the 1980s, after delivering just one more rate hike in March.
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