The world’s biggest bond market climbed as the latest jobs report bolstered speculation the Federal Reserve will deploy a super-sized rate cut in September.
Treasury yields dropped across the US curve, with two-year yields falling seven basis points to 3.68%. Swap traders are now pricing in a 50% chance of a half point Fed reduction this month. Stocks fluctuated.
Nonfarm payrolls rose by 142,000 following downward revisions to the prior two months, Bureau of Labor Statistics data showed Friday. The unemployment rate edged down to 4.2%, the first decline in five months, reflecting a reversal in temporary layoffs. Average hourly earnings rose 0.4%.
“A softer-than-expected jobs report may support those in favor of a 50 basis-point rate cut in September, but the jury is likely still out,” said Chris Larkin at E*Trade from Morgan Stanley. “For now, a 25 basis-point cut remains the baseline case for a cautious Fed. In the meantime, markets are likely to be sensitive to any other data that suggests the economy is cooling off too much.”
Some of the main moves in markets:
RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.
Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.
The giant alt investments platform's latest financing led by T. Rowe Price and SurgoCap Partners, along with State Street, UBS, and BNY, will fuel additional growth on multiple fronts.
Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.
New report shines a light on how Americans view wealth today.
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.