January non-farm payrolls grew by +130K (+65K exp), up from +48K in Dec. January new jobs were the highest in more than a year. The unemployment rate fell to 4.3% (4.4% exp) from 4.4% in Dec. The DOL revised 2025 avg monthly job gains down to +15K from +49K.
10yrTY +3.8bp to 4.18%SPX +0.48%NDX +0.55%Money markets still discounting two Fed rate cuts in 2026, starting in June.