There was no doubt that today was always going to be about NFPs. With inflation metrics not improving at the rate people want, this critical gauge of the economy has become heavily watched once again. The number came in higher than expected, and with the unemployment rate dropping to 3.5%, the Fed will need to stay the course. These implications sent futures sharply lower, and the markets reacted even more negatively when the implications became flat out statements – Kashkari & Williams both reiterated the hawkish narrative.
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