moving quickly to raise interest rates and withdraw the stimulus it put in place to support the economy at the start of the pandemic.
However, the unemployment rate fell by another 0.3 per cent last month to 3.9 per cent, putting it within touching distance of the pre-pandemic normal of 3.5 per cent. The figures added fuel to a sell-off in the Treasury market as traders became more confident in their view that the Fed will raise rates this quarter.focused on the drop in the unemployment rate and wage gains rather than the slowdown in the pace of hiring as evidence of his administration’s successful policies, including trillions of dollars of stimulus and infrastructure spending.
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