US Macro Daily(Beta Mode)
Strong Jobs Lift Hawkish Fed Bets
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| S&P 500 | 7,718.60 | -0.38% |
| Nasdaq 100 | 29,544.15 | +0.21% |
| Dow Jones | 53,414.25 | -0.51% |
| Russell 2000 | 2,975.65 | +0.25% |
| USD/JPY | 155.66 | -2.05% |
| EUR/USD | 1.16 | -0.00% |
| GBP/USD | 1.35 | +0.05% |
| Gold | 4,476.60 | +1.06% |
| WTI Crude | 91.48 | +0.00% |
| Bitcoin | 79,357.71 | -1.24% |
| US 2Y Treasury | 4.34% | -1.14% |
| US 10Y Treasury | 4.77% | -0.42% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
2-Year Treasury Yield (DGS2) | Type: macro_line | Percent: 4.34 (2026-09-03) | Range: 0.21–5.19 | Trend(6pt): 0.22,4.26,4.55,3.87,4.39,4.34
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Tuesday (2026-09-08) | |||
| ADP Employment Change Weekly | 11,750 | - | 04:15 |
| Wednesday (2026-09-09) | |||
| MBA 30-Year Mortgage Rate | 6.79 | - | 03:00 |
| API Weekly Crude Oil Stocks | -2.6m | - | 12:30 |
| Thursday (2026-09-10) | |||
| Producer Price Index Month-over-Month | 0 | 0.40 | 04:30 |
| Core Producer Price Index Month-over-Month | 0.20 | 0.30 | 04:30 |
| Weekly Jobless Claims | 206,000 | 205,000 | 04:30 |
| Existing Home Sales Level | 4.1m | 4.0m | 06:00 |
- August payrolls beat expectations at 162,000, pushing markets to price higher odds of Fed hikes.
- Equities closed mixed while 2-year yields fell 1.14% to 4.34% and gold rose 1.06% to 4,476.60.
- CPI and PPI releases later this week will test whether inflation at 3.30% YoY sustains the hawkish repricing.
Yesterday's Recap
No US data releases occurred on September 6. Equity indices finished mixed as the S&P 500 declined 0.38% to 7,718.60 and the Dow Jones fell 0.51% to 53,414.25, while the Nasdaq 100 gained 0.21% to 29,544.15 and the Russell 2000 rose 0.25% to 2,975.65. Treasury yields declined with the 2-year at 4.34% and the 10-year at 4.77%.
The dollar weakened sharply against the yen, sending USD/JPY down 2.05% to 155.66. Gold advanced 1.06% to 4,476.60 and WTI Crude held steady at 91.48. Bitcoin dropped 1.24% to 79,357.71.
The August jobs report of 162,000 additions, released after the close, reinforced labor-market resilience and immediately lifted expectations for a less dovish policy path.
The Day Ahead
The ADP Employment Change Weekly print arrives at 04:15 ET on September 8. On September 9, the MBA 30-Year Mortgage Rate and API crude stocks data are due. September 10 brings the high-impact PPI and core PPI month-over-month readings, weekly jobless claims, and existing home sales.
September 11 features the full CPI suite, including core inflation month-over-month and year-over-year. Markets will scrutinize these prints for confirmation that the 3.30% CPI YoY pace and 4.10% unemployment rate support delayed rate cuts or renewed hike pricing. Energy inventory figures will also influence WTI Crude at 91.48.
Other Economic Notes
The 1.50% QoQ SAAR GDP growth and 2.10% YoY expansion underscore moderate but steady activity. Retail sales rising 5.01% YoY reflect resilient consumer demand despite the 3.63% Fed Funds Rate. Termination of enforcement actions against three Texas banks signals a normalizing regulatory stance.
With unemployment at 4.10%, labor-market slack remains limited and supports the recent hawkish repricing after the 162,000 August payrolls. These indicators together suggest the economy retains enough momentum to keep policy options open ahead of the September 11 CPI release.
