NFP Threads The Needle, But Doesn’t Deliver a Rally

NFP Threads The Needle, But Doesn’t Deliver a Rally

NFP Threads The Needle, But Doesn't Deliver a Rally Things could have gone better or worse today following the release of the mighty NFP (nonfarm payrolls, the headline data point from the big jobs report).  NFP came in at 209k vs 225k forecasts which may as well have been "as-expected."  That was a victory in a sense, if we were comparing it to yesterday's ADP number (497k!).  Bonds rallied initially for exactly that reason, but then pulled back because 200k+ is still very solid--more than enough to keep the Fed on track to hike 2 more times in 2023. Econ Data / Events