When the Federal Open Market Committee met on Wednesday, they announced a 25-basis point increase in the benchmark federal funds interest rate range but made clear that it wasn't done.

Today's jobs report of 517,000 new positions and 3.4% unemployment rate, the lowest since May 1969, is more fuel for rate hike fodder, which would add pressure to short-term finance rates that are currently uncomfortable (although closer to historical norms than the ultra-low rates the last decade has seen).

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