Welcome to Seeking Office Wall Street Lunch.

Our afternoon update on today's market action news and analysis.

Good afternoon.

Today is Friday, September 1st, and I'm your host, Kim Con.

Our top story so far, it was a glau first and I'm your host Kim Con.

Our top story so far.

It was a Goldilocks jobs report for Fed followers.

August non-farm payrolls rose by 187,000, higher than the 170 expected, but that was cancelled out by a downward revision to July's

gain.

But the key was an unexpected jump in the unemployment rate to 3.8% from 3.5%.

That was spurred by a whopping 736,000 people entering the

labor force last month, bringing the participation rate up to 62.8 percent.

I. G. says, with higher borrowing costs, less credit availability, and student loan repayments

all set to increasingly weigh on economic activity, we fear that the unemployment rate will climb

further. Unfortunately, it is unlikely to be just through rising participation rates,

but will likely involve some job losses to giving the FLMC a win-win environment of job creation with weaker wage pressure.

Swaps firmed up expectations at the... of job creation with weaker wage pressure.

Swaps firmed up expectations that the Fed Funds rate has reached its peak

with a greater chance of the first cut coming in May.

Pantheon macros Ian Shepardson says this Jaws report clearly increases the pressure on the Fed not to hike this month,

and it would now take a horrific PPI or CPI data to trigger action.

He says the Fed is done hiking and the next move will be an easing as soon as next March.

...