Forex
Stocks Slide as Fed Rate Hike Bets Surge on Strong Jobs Report
U.S. stocks closed lower on Friday after a strong nonfarm payrolls report sparked increased bets of a Federal Reserve rate hike this month.
The jobs data showed that 162,000 new jobs were added in August, more than triple the anticipated 55,000 figure.
This has led to a rise in expectations for a rate hike on September 16, with the odds now at around 60% according to the CME FedWatch tool, up from about 52% before the report.
President Donald Trump responded by calling on the Fed to lower interest rates, threatening to stop trading with countries that have a U.S. surplus if they don't comply.