A blowout jobs headline for September closed out the week with a bang, as the latest Nonfarm Payrolls report came in well above expectations and immediately engendered op-eds praising the Federal Reserve’s near-achievement of a “soft landing.” As always, a closer look paints a much more complex picture, but that didn’t stop markets from pushing higher on the news, even as the headline called into question the consensus pace of Fed rate cuts.
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A blowout jobs headline for September closed out the week with a bang, as the latest Nonfarm Payrolls report came in well above expectations and immediately engendered op-eds praising the Federal Reserve’s near-achievement of a “soft landing.” As always, a closer look paints a much more complex picture, but that didn’t stop markets from pushing higher on the news, even as the headline called into question the consensus pace of Fed rate cuts.