Data released last Friday by the US Department of Labor showed that nonfarm payrolls surged by about 165,000 in October, far exceeding the market estimate of 65,000, following a prior increase of 29,000. The unemployment rate for the month fell in tandem to 4.1%. The markedly stronger-than-expected jobs report quickly changed the pricing logic in interest rate markets, with traders increasing bets that the Federal Reserve will restart rate hikes in December. According to Jinshi Data, the dollar index strengthened sharply after the data release, eventually closing up 0.75% at 102.31. The 2-year Treasury yield, which is sensitive to the Fed's policy rate, rose 5 basis points to 4.
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