The 253K increase in nonfarm payrolls handily topped the 180K consensus. Likewise, unemployment dipped to 3.4% versus expectations of 3.6% and average hourly earnings printed a 0.5% increase versus expectations of 0.3%.
To be clear, this is not the kind of slowdown that would encourage a Fed pause or pivot. Yet, VIX has been hammered by 8.5% overnight, so futures are up over 30 points.
At what point will the market begin to believe the Fed’s “higher for longer” forecasts?
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