Please join our BofA Economists and rates &amp; FX strategists to discuss takeaways after the September employment report. They will discuss implications for US economy, Fed path, rate levels / curve shape, &amp; USD implications.<br><br>&quot;Bank of America&quot; and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation. All rights reserved.

Post NFP Takeaways: Econ, Rates, FX

Global Research Unlocked

Hello and welcome to Global Research Unlocked, the interest rate and FX series. This podcast is based on our weekly client conference call, where our strategists, along with guests from other parts of Bank of America Global Research, discuss the most topical and pressing questions faced by our market. I'm Mark Cabana, head of US Rates Strategy at BofA Securities. Mark Cabana, Today is October the 2nd. On the call today, I have the privilege of being

joined by Shruti Mishra, one of our US economists, Megan Swiber, one of our US rate strategists, and Alex Perry, one of our G10 FX strategists. On the call today, we are going to break down the NFP report, talk about what it means for the economic outlook, what it means for the Fed, what it means for markets. And we'll do our best to put that into the context of

a very volatile last couple of weeks across global markets, certainly in the US, but also very acutely in Europe. So without further ado, let's dive into the details. Shruti, let's first start with you. What is your takeaway from the employment report and what were the things that really stuck out to you? Shruti Mishra, Hi Mark. Good morning, everyone. So yeah, just broad takeaway on the jobs report.

It was weak across the board. But what we do want to emphasize here is that it wasn't surprisingly weak. We were expecting private jobs to come in much softer than August at 50,000 and they came in at 46K. So not a lot of surprise there. We had flagged this in our preview that some part of the weakness that we're expecting in September is largely because of seasonal factors.

Post NFP Takeaways: Econ, Rates, FX

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Post NFP Takeaways: Econ, Rates, FX

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.