The August jobs report landed Friday morning with 162,000 new positions against forecasts of 56,000, and the bond market read it as a reason to keep bracing. The 10-year Treasury yield pushed back toward 4.79%, near its highest level since late 2023, and a hike at the Fed's Sept. 15-16 meeting is now close to a coin flip.
That comes a week after Fed Chair Kevin Warsh used his Jackson Hole keynote to say inflation is still running too hot. The headlines have reached for the scariest available framing: rates at a 25-year high.
