Bond yields fell sharply after weak jobs growth of 148,000 in September led investors to predict more asset purchases by the US Federal Reserve.
A delayed September report came in below analyst expectations of 180,000 jobs, pointing to weak economic momentum even before October’s government shutdown, but there was another drop in the unemployment rate to 7.2 per cent.
October’s data will be scrambled by the fiscal battle, but the September report sets a sluggish baseline for the economy, and vindicates the Fed’s decision not to taper its asset purchases from $85bn a month at its last meeting.
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