The September jobs report was significantly stronger than expected. This report alone simply takes the possibility of a 50-basis point rate cut by the Federal Reserve (Fed) in November off the table! But a 25-basis point cut is likely to be served up as the Fed itself said it is recalibrating monetary policy. The Fed is looking to remove the tightness of its policy in favor of moving to what it considers a more neutral rate also known as r* (“r-star”).

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