August nonfarm payrolls came in at 142k versus 165k expected while the unemployment rate ticked lower to 4.2%, underscoring the Fed’s assessment that the economy is slowing enough to justify a 25 bps rate cut later this month.
Futures rallied on the news and are slightly higher after tagging our next downside target overnight.
Just a reminder…I will be off next week but will post on an occasional basis if anything unexpected occurs in the markets.
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