The catalyst for the entire week wasFriday’s August Non-Farm Payrolls reportThe US added 162,000 non-farm jobs in August, far exceeding the market expectation of 55,000—nearly three times the forecast. The unemployment rate held steady at 4.1%, while data for June and July were collectively revised up by 55,000. This near-perfect employment report,pushed the market-implied probability of a 25-basis-point rate hike in September sharply from around 50% to 58% (peaking at 67% intraday), with the probability of a rate hike within the year surpassing 83%.Interest rate markets reacted with vigorous repricing: the yield on the 2-year US Treasury note jumped to 4.37%–4.42%, hitting its highest level since January 2025; the 10-year yield rose to…