pebblewriter

Tag: nonfarm payrolls

  • NFP Supports Rate Cut Expectations

    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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  • Charts I’m Watching: Mar 8, 2024

    Blink, and you might have missed the selloff this morning when nonfarm payrolls came in much higher than expected but the January print was revised sharply lower.Fortunately, the algos were on it, immediately crashing VIX to a point where a 15-pt decline in ES turned into a 15-pt gain.

    This should put SPX at its 1.272 Fib extension, a potentially important level of overhead resistance ahead of next week’s CPI and PPI prints.

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