[INAUDIBLE] over here on Wall Street for March the 10th. Here's the New York Minute. The news today was dominated was by the non-farm payroll reports. Many people said that it made America great again. And that's true in the sense that it's as great as it was last month and the month before.
This is the unemployment rate. And you can see it continues to show much the same strength that it's shown for a while, recently. Meanwhile, if we take a look at average hourly earnings, they are still improving, but perhaps, somewhat disappointingly, still no real breakthroughs there.
Now if we take a look at the effect that has on the 10-year treasury yields, you can remember that people have been talking about 2.6% as an important psychological level. Well, they dropped back through that level today, that lack of great inflationary pressure from wage rises was seen as limiting the chances of the Fed, moving aggressively. And if we take a look at the Fed funds futures market, the chance of both three and four rate rises this year have diminished very slightly. And that's the New York Minute.