Quick Take
- The U.S. unemployment rate moves down to 3.4%, the lowest level since 1969.
- Payroll data came in at 253,000, with an expectancy of 185,000.
- The market is currently pricing in a pause, but 25bps was not considered before today; now, there is a 10% chance.
- This would take the fed funds rate to 5.25-5.50
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