2026-10-02 · Weak Jobs, Stubborn Yields
A 29,000 payrolls miss knocked out most of an October hike and stocks rallied, but long yields rose anyway, the fourth straight day dovish news failed to help duration.
The Signal
September payrolls came in at 29,000 against expectations near 90,000 and unemployment rose to 4.2%. October hike odds fell from about two in three to one in five. The Nasdaq led for a fourth session and volatility hit its lowest since mid-September, yet the ten-year yield rose again. Most stocks are still in down-trends and sellers outnumber buyers about three to one, though that gap narrowed for the first time in…
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