Institutions: Fed Likely to Hold Steady at October Meeting

Odaily News: Peter Cardillo, Chief Market Economist at Spartan Capital Securities, said that nonfarm payroll additions came in below expectations but still indicate that the job market is in a state of growth. Moreover, wages have not shown inflationary pressure, which is a positive factor. The rise in the unemployment rate may be due to an increase in the labor force participation rate. Overall, this report is favorable for the market. It may help ease the upward momentum in yields and also indicates that the Fed does not need to worry about wage inflation. Combined with the below-expectations PCE price index released a few days ago, this means the Fed is very likely to continue holding steady at its October meeting. (Jinshi)