U.S. September non-farm payroll data far exceeded expectations, leading traders to significantly reduce bets on a Fed rate cut
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The U.S. non-farm payroll data for September exceeded expectations, with an addition of 254,000 positions and a decrease in the unemployment rate to 4.1%. Traders significantly lowered their expectations for a rate cut by the Federal Reserve, ruling out the possibility of a 50 basis point cut in November and expecting a 25 basis point cut instead. The 2-year U.S. Treasury yield rose by 17 basis points to 3.87%, while the 10-year yield rose by 12 basis points to 3.96%. Gregory Faranello of AmeriVet Securities stated that this is a strong employment report, intensifying the debate on the future rate cut trajectory
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