A rough start to the year for bond traders just got worse as the release of key employment data showed a buoyant labor market with few of the stresses that could prompt the Federal Reserve to lower interest rates.
Treasury yields rose and traders pushed back when they foresee the Fed cutting rates for the first time in the wake of another hot reading on job creation.
US job growth in March rose by the most in nearly a year and the unemployment rate dropped, pointing to a strong labor market that’s supporting the economy. Nonfarm payrolls advanced 303,000 — following a combined 22,000 upward revision to job gains in the prior two months. The unemployment rate fell to 3.8%.
US yields pushed near their highest levels of 2024, with the benchmark 10-year rate jumping eight basis points to about 4.39%, as the fresh dose of data doused hopes that the Fed will move to reduce rates soon.
Treasury futures now show the first cut from the US central bank not coming until September, and reduced the probability it comes in June to only about 52%. For all of 2024, traders now see only about 67 basis points of rate reductions — lagging behind the three quarter-point cuts Fed officials have signaled.
Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.
Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.
President meets with ‘highly overrated globalist’ at the White House.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
