Category – Market Outlook
Payroll Report for Dec 2023
Net job gains 216K, higher than the 175K expected.
Hourly wage gains 4.1%, higher than 3.9% expected.
The two-month payroll revision, though, shows a 71,000 reduction in gains.
The 10-year treasury is up 8 basis points to 4.07%, with hourly wage gain increase being the main culprit.
S&P Futures down 0.4%
Expectations of the Fed reducing rates at their March meeting are down to only 50% based on a good jobs report and the higher wage increase.