September Jobs Preview And How To Trade It: Beware A Bond Squeeze As August Seasonals Reverse

A month ago, our August jobs preview argued that "good news would be bad news." Then August delivered good news in volume. Payrolls rose by 162K, a 4-sigma beat and 38K above the highest estimate on Wall Street. Rate-hike odds jumped, and two weeks later Warsh hiked for the first time since July 2023.

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