Societe Generale: The Fed has reason to hold rates steady in January.

Societe Generale's Head of U.S. Interest Rates Strategy, Subadra Rajapa, commented on the U.S. non-farm payrolls data: The current focus is primarily on the unemployment rate, as job growth has been slowing. The decline in the unemployment rate and the increase in wages provide stronger evidence that the Federal Reserve will keep interest rates unchanged in January. The bond market, however, reacted rather mutedly to this important data indicator. The lack of news may be a good thing for risk assets. (Jinshi)