Technical Review

Job Growth Eclipses and Dims Rate Cut Optimism

The Labor Department reported an increase of 303,000 jobs in March which was well above the Wall Street’s estimate of 200,000. Other aspects of the report were improved with the average work week ticking up to 34.4 hours from 34.3, and the Unemployment Rate falling to 3.8% from 3.9% in February. After the Employment Report the odds of the FOMC lowering the Funds rate at the June meeting declined to 51.3%. For the first time Wall Street is projecting fewer cuts (2.5 cuts) than the FOMC (3 cuts) in 2024, and down from the 6 cuts Wall Street expected in January!...

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