Wall Street's main indexes slipped on Friday as the latest monthly jobs report signaled resilience in the U.S. economy, backing the case for an aggressive policy tightening by the Federal Reserve.
The Labor Department's closely watched employment report showed the U.S. labor market was rapidly tightening, while the rate of unemployment was dropping.
U.S. employers added 431,000 jobs in March. While the numbers fell short of economists' expectations, the jobless rate dropped to 3.6%, the lowest since February 2020 and average hourly earnings increased 0.4%."This was a pretty solid report. Inflation is still a problem obviously and it certainly doesn't change what the Fed's likely actions are going to be," said Randy Frederick, managing director, trading and derivatives at Schwab Center for Financial Research.
"I think we've already kind of been told not explicitly, but pretty close to that, that we're going to get a half point rate hike in May." Traders now see a 72.8% chance of a 50-basis point interest rate hike in May. The U.S. central bank last month increased it by 25 basis points for the first time since 2018 and policymakers have signaled readiness for aggressive rate hikes to combat decades-high inflation.
U.S. Treasury yields jumped and a closely watched part of the yield curve reinverted after the data, knocking bank stocks
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