August payrolls came in at 162,000, well above the 53,000 forecast, reigniting speculation about a Federal Reserve rate hike at its September 15-16 meeting. The implied probability from fed funds futures rose from 49.4% to 58%. The 10-year Treasury yield hit its highest level since November 2023, while the 2-year note reached its peak since January 2025. The consumer price index will be released on Friday, completing the August data picture. Stocks finished mixed, with the S&P 500 and Nasdaq up 0.1% and 0.4% respectively, while the Dow Jones fell 0.3%.
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