Market Wire, North America

Ahead of the release, investors were positioned for a 250,000-job gain, with the unemployment rate seen holding at 3.7 percent. The dollar climbed on the print as interest rates rose slightly across the front end of the curve. Stock futures slipped. On the colder side of the border, Canada generated 21,100 jobs in September, modestly topping expectations for a 20,000-position increase. According to data released by Statistics Canada, the unemployment rate fell to 5.2 percent from 5.4 percent in August. Average hourly wages grew 5.2 percent on a year-over-year basis, up from the 5.4 percent pace recorded in the prior...

American households kept spending last month and the Federal Reserve’s preferred inflation measure climbed by more than expected, lifting odds on more aggressive tightening from the world’s most powerful central bank. Data released by the Bureau of Economic Analysis this morning showed inflation-adjusted household outlays climbing 0.1 percent in August. A -0.489-percent drop in spending on goods was offset by a 0.849-percent increase on the services side, suggesting that falling gas prices are helping boost spending in other areas of the economy. In unadjusted terms, personal income rose 0.3 percent month-over-month, led by another solid 0.3 percent increase in private-sector...

The Federal Reserve’s rate-setting committee raised its benchmark interest rate by 75 basis points and drastically raised its terminal rate estimates, triggering a spike in yields and the dollar. At the conclusion of its two-day meeting, the Federal Open Market Committee unanimously voted to raise the target range for the federal funds rate to 3-to-3.25 percent, with no dissents in favour of a 50 basis point move. In the official statement laying out the decision, policymakers removed language that previously highlighted a softening in spending and production, instead noting that “modest growth” should be expected. According to the accompanying Statement...