Forex
US Stocks Fall as Fed Rate Hike Bets Surge After Strong Jobs Data
The US stock market took a hit on Friday after stronger-than-expected August employment data increased expectations that the Federal Reserve could raise interest rates at its September meeting.
The report showed that the US economy added 162,000 jobs in August, well above the 56,000 increase expected by economists. The unemployment rate remained at 4.1%, in line with expectations.
The stronger labor market reading prompted traders to increase bets on a September rate hike, with Reuters reporting a 65% chance of an increase, up from 55% before the report.