October Jobs Surge Lifts December Fed Hike Bets

A stronger-than-expected October jobs report intensified expectations that the Federal Reserve could raise interest rates in December. U.S. employers added 165,000 jobs, well above forecasts of roughly 65,000 to 70,000, unemployment fell to 4.1%, and revisions added 84,000 jobs to August and September figures. Wage growth also exceeded forecasts, while the resilient labor market and inflation that remains above the Fed’s target give policymakers less reason to prioritize protecting employment. Markets put the odds of a December quarter-point hike at roughly four in five after the report. The data also added pressure to cryptocurrency markets: Ether was down about 6.4% from the previous day, and U.S. spot Ether ETFs saw outflows.