As with each new month, all eyes were on the August Jobs Report, which came in lower than expected with 151,000 new jobs created versus expectations of 180,000 new jobs. The unemployment rate remained at 4.90% and the Labor Force Participation (the amount of people actually in the labor force as % of population) held steady at 62.80%.
This probably means no rate hike announcement at the next Fed meeting. One wonders how many more times the Fed will talk up a rate hike only to be disappointed by a lackluster economic report.
With the 10-year U.S. Treasury Bond trading a touch above 1.600%, we are biased toward floating interest rates at these levels ever so cautiously.
Have a great Labor Day Weekend!