The markets: The dollar rose to another high against DXY, the benchmark index of foreign currencies, after the U.S. jobs report came in way above expectations. With the economy running hotter than everyone thought, investors now suspect the Fed may put more interest rate cuts on hold — and that explains why the S&P 500 fell 1.5% on Friday and why US futures look even gloomier this morning.
Today: More heavy winds are expected in Los Angeles, where fires continue to burn out of control. The official death toll has hit 24 but that is expected to go higher. The fires could be the most expensive disaster in U.S. history, according to Governor Newsom. At a personal level, many people who were banking on the value of their home to provide them with financial security in retirement now have nothing.
