Odds of Jan. Fed rate hold rise to 97.2% after weak jobs report

Traders have increased their bets on the U.S. Federal Reserve holding interest rates steady at its January FOMC meeting, following the release of non-farm payroll and unemployment data that fell short of market expectations. According to the CME FedWatch Tool, the probability of a rate hold has climbed to 97.2% from 88.4% before the announcement. The U.S. Department of Labor reported that non-farm payrolls increased by 50,000 in December, below the consensus forecast of a 66,000 gain. The unemployment rate also came in lower than expected at 4.4%, compared to the anticipated 4.5%.