Nonfarm Jobs Data Seen as Reassuring Hawkish Fed

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Nonfarm Jobs Data Seen as Reassuring Hawkish Fed

The January jobs report indicates that inflation remains a concern for monetary policy. “Today’s data reassures hawkish Fed,” Spartan’s Peter Cardillo tells WSJ, pointing to the 0.7% increase in average hourly wages for the month. “Bottom line: the labor market remains strong with no trace of the variant impacting,” he says. Bond markets seem to agree, with the 10-year Treasury yield jumping to levels not seen since 2019.