Strong US private payrolls report is seen as increasing the likelihood of the Fed raising rates by a further 50 basis points
08 March 2023 – 19:52
The JSE pared some the session’s losses on Wednesday as markets globally attempted a rebound from Tuesday’s broad-based sell-off that was sparked by Federal Reserve chair Jerome Powell’s suggestion that interest rates may need to go higher for longer.
A stronger-than-expected February ADP private payrolls report on Wednesday affirmed that the US economy is standing strong despite the Fed’s hiking campaign, adding to investor concern that a bigger rate increase may be ahead, Bloomberg reported. The report precedes national nonfarm jobs data, due on Friday…