Cheap money era ends, forcing investor strategy shift
Bond yields hit multi-decade highs, signalling the end of cheap money and forcing investors to demand higher returns.
4 min ago8 min read
Markets brace for September jobs report
Markets await September payrolls with Fed pricing at 7.1 bps and oil down on European reserve release talk.
02/10/2026 12:314 min read
The September non-farm payrolls release is nearly upon us.
A preview of the report highlights the seasonals around the figure, which could make for a volatile release. For the current month, Fed pricing has fallen to 7.1 basis points, translating to a 28% probability. That reading could change based on the employment data, particularly the wage numbers. The previous day's high prices paid reading from the manufacturing ISM briefly captured the market's attention.
Oil prices are declining today amid discussions of a European reserve release, while Trump tries to pressure European leaders into helping his midterm election prospects. Markets are mostly upbeat ahead of the release, with S&P 500 futures rising 0.4%. That move is largely due to cheaper oil and is not offset by a drop in Nike shares after another weak earnings report from the company.
In foreign exchange, USD/JPY has fallen 40 pips to 157.64. Following a curious decline on Thursday, attention is on possible intervention as the weekend draws nearer. Other currency pairs are seeing only slight movements.
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