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02 Sep 2022

02 Sep 2022

Market Briefing: Markets Stabilize as Payrolls Report Looms

Yields are flat and the dollar is holding steady after hitting multi-decade highs during yesterday’s trading session. This morning‘s non-farm payrolls report is expected to clear the way for a three-quarter-point hike at the Federal Reserve’s September meeting. Economists think the US economy generated 290,000 jobs and the unemployment rate held at around 3.5 percent in August, with the labour market proving robust amid a central bank-engineered tightening in financial conditions. Data released yesterday showed initial jobless claims, a proxy for layoffs, falling to a seasonally adjusted 232,000 last week from 237,000 the previous week. Financial markets might welcome signs...

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02 Sep 2022

Market Wire: Rate Expectations Fall After Payrolls Report Lands in Fed’s Sweet Spot

315,000 jobs were created in the United States last month, and the unemployment rate climbed as participation levels rose – indicating that the labour market remains strong enough to withstand a three-quarter-point rate increase at the next Federal Reserve meeting, but also suggesting rates won’t have to climb quite as high in the longer term. According to data released by the Bureau of Labor Statistics this morning, the unemployment rate jumped to 3.7 percent in August, and the participation rate moved down to 62.4 percent from 62.1 in the prior month, indicating that workers are coming off the sidelines, attracted...

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