The bigger-than-expected print on US jobs has blown a hole in hopes for an early interest rate cut – Copyright GETTY IMAGES NORTH AMERICA/AFP MARIO TAMA
Asian markets mostly fell Monday after a forecast-busting US jobs report and comments by Federal Reserve boss Jerome Powell shattered any remaining hopes for a March interest rate cut.
Decision-makers left traders disappointed last week when they said after their latest meeting they were unlikely to loosen policy at their next gathering.
There were still some rumblings of a change in view if the non-farm payrolls data came in below expectations, but they were soon extinguished Friday by the highest reading in a year, while December’s figure was ramped up.
The figures showed the labour market and world’s biggest economy remained robust despite borrowing costs sitting at two-decade highs, giving little room to the Fed to cut even as inflation comes do