• “Cooler than Expected” CPI and “Dovish” Fed Speak Drive Yields Down  

• “Very Hot” Jobs Report Upends Rate Cut Expectations, 10-Year Treasury Spikes to 4.78%  

• “Goldilocks” Jobs Report Provides “Permission Structure” for December Rate Cut (Then What?)…Treasuries Rally  

• Powell Indicates Fed in “No Hurry” As Labor Market Strength and “Bumpy” CPI/PPI Lessens Rate Cut Urgency, 10-Year Treasury Tests 4.50% Resistance Level

• Fed Cuts 25 bps, Powell Talks Jobs (Including His Own), Control of House of Representatives Hangs in Balance 

• PCE Data Barely Moves Markets as Jobs Report and Election Loom…Oil and Bond “Divergence” Could Point to Term Premium