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But Treasury yields pared their gains as the morning progressed, particulary shorter-term ones, as economists pointed to some more encouraging data within the jobs report. The Fed should be focusing on such moderate wage gains, rather than the growth in jobs, said Brian Jacobsen, chief economist at Annex Wealth Management.Average hourly earnings rose at the slowest rate, on a year-over-year basis, since June 2021.
A strong job market also carries some rewards for financial markets, at least in the short term. It means the economy is still doing well despite high rates, which could support corporate profits.
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