Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder. He graduated from the University of Richmond in 2017 and is originally from Marco Island, Florida.
A hot jobs report that would normally be interpreted as good economic news caused the markets to shudder a bit on Friday because it raises the prospect that the Federal Reserve will aim to keep interest rates higher for longer.
“One of the big oxymorons on Wall Street is whether Good News is good news or Good News is bad news? In this case good news is bad news for the market,” Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said in a statement.Benchmark 10-year Treasury yields briefly touched 4.887% on Friday, while 30-year yields reached as high as 5.05%, the highest they have been since just before the start of the Great Recession in 2007.
“Today's report drove yet another increase in Treasury yields and fanned the flames that the FOMC may hike the federal funds rate one more time at one of its two remaining meetings of the year,” Wells Fargo economists said in a note on Friday. “Another rate hike before the end of the year is a possibility, but for now our base case remains that the last rate hike of the tightening cycle occurred in July.
Looking further down the line, there are some 40% implied odds that there will be at least one more rate revision before the close of 2023. While far lower than the historic inflation felt in 2022, the readings are still above the Fed’s preferred 2% range.
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