Wild Ride For Rates After Stunning Jobs Report
Interest rates take cues from several places. Regularly scheduled economic data is always a consideration because a stronger economy implies more growth and tighter Fed policy, both of which are bad for rates.
Certain reports carry significantly more weight than others. If put to a vote, the perennial top dog would be The Employment Situation (aka "the jobs report"). Over the years it is responsible for more volume and volatility in rates than any other data. The most recent installment came out this morning and it was a doozy.
The headline number of the jobs report is a tally of new job creation reported by employers: nonfarm payrolls (NFP). That's just a fancy name for "jobs." Today's data reported the new jobs added in January, and there were quite a bit more than expected
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