An odd jobs report keeps the Fed on a fast track

While it was much messier than expected, the November jobs report is unlikely to prompt the Federal Reserve to rethink accelerating the pace of decline after its meeting later this month. The reaction in the US Treasury market reflects this fact: Yields fell initially after the nonfarm payrolls omission but quickly reversed course as traders realized the stark contrast between the two. two surveys, with two-year yields hitting their highest levels since March 2020. And as Renaissance Macro Research’s Neil Dutta was quick to point out, Fed officials themselves periodically forecast the unemployment rate. not changes in nonfarm payrolls. In September, no official has seen the unemployment rate fall below 4.5% by year-end. That way, the labor market recovers ahead of time in their eyes. An odd jobs report keeps the Fed on a fast track


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