Last month, the number of newly created jobs in the U.S. came in far above the expected 263,000. Analysts were expecting an increase of approximately 180,000 jobs. Simply put, whenever the number of newly created jobs is higher than what the market expected, a type of Pavlovian reaction occurs in which markets expect the odds of tighter – that is, less loose – monetary policy to increase as well. Especially when investors, shortly before that, were told that economic growth also came in higher than what those very same analysts expected beforehand.


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