Payrolls Put The Fed Back To Work

U.S. equity markets were little changed this past week as stronger payrolls, sticky services inflation, and surging oil prices kept the September Fed meeting alive ahead of Friday's CPI decision. Employers added 162k jobs in August, far above expectations, but wage growth cooled to its slowest pace since 2021, unemployment held at 4.1%, and labor force participation rebounded from July. Treasury yields rose across the curve, with the 10-Year Yield reaching its highest weekly close since October 2023, while WTI crude surged 9.5% to above $91 as hostilities with Iran reintensified.