WS #15269
The US economy added only 29,000 jobs in September, significantly missing the 90,000 consensus forecast. This weak labor data has caused bond investors to flock to Treasuries, driving yields down and effectively dialing back expectations for imminent Fed rate hikes. The resulting 'bad news is good news' dynamic has lifted equity futures, with the Nasdaq hitting record highs as growth stocks benefit from the lower rate outlook.
US Jobs Miss & Fed Pivot
The US economy added only 29,000 jobs in September, significantly missing the 90,000 consensus forecast. This weak labor data has caused bond investors to flock to Treasuries, driving yields down and effectively dialing back expectations for imminent Fed rate hikes. The resulting 'bad news is good news' dynamic has lifted equity futures, with the Nasdaq hitting record highs as growth stocks benefit from the lower rate outlook.