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Markets Today – Work It
Stronger than expected payrolls data initially saw yields sharply higher, equities lower, and the USD stronger, though with the unemployment rate steady and earnings growth moderating, those moves were retraced. That retracement was only partial for US yields, with the US 10yr yield 8bp higher on the day and Fed pricing for the November meeting a little higher at 30%, resilience in the labour market keeping the threat of higher, or failing that higher for longer, rates alive. The US dollar was up as much as 0.6% following the payrolls data, but ends the day down 0.3%. Equities meanwhile reversed losses, with the ... (full story)