Key Points
NEW YORK/LONDON (Reuters) -Treasury yields jumped, the dollar surged and global equities edged higher on Friday after a blowout U.S. jobs report scuttled any lingering hopes for a near-term cut in interest rates and underscored a strong economy that can ward off a recession...
The benchmark 10-year Treasury note yield shot above 4% and the dollar gained against all major currencies as employers added far more jobs than expected and average hourly earnings increased 0.6% after rising 0.4% in December...
The jobs report showed the market had gotten too far ahead of when it expected the Fed to cut rates, said Kevin Gordon, senior investment strategist at Charles Schwab in New York...
After the jobs report money markets projected the Fed would lower its target rate, currently in a range of 5.25%-5.5%, by 123.3 basis points by year-end, down from 140.3 bps just before the data was released...
Investors think we are going to have rate cuts, inflation dropping, a miraculous soft landing that doesnt do any damage to earnings, and areas of the market like technology are priced on the belief the stocks can grow miraculously to the sky...
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