The massive beat for payrolls, and resurgence in average hourly earnings, prompted a sharp response from markets with the dollar spiking, along with bond yields, as gold and the yield curve tumbled, as rate-cut expectations plunged...
A March cut is now priced at around 25% and 2024 cut expectations have dropped to 125bps...
Source: Bloomberg
The dollar spiked back to unchanged on the week...
Source: Bloomberg
Treasury yields soared, led by the short-end...
Source: Bloomberg
Gold dumped...
Source: Bloomberg
And finally, all the US major equity markets are tumbling, led by Small Caps, back into the red from before the FOMC...
Now we all wait to see what Powell says on 60 Minutes...
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