“How hot is the labor market? Hot enough for employers to pony up some more cash to get workers to come work for them,” wrote Chris Rupkey, chief financial economist at MUFG Union Bank, in a note to clients.

In September, the Federal Reserve installed its third rate hike for 2018 in order to parry future inflationary pressures, and a fourth and final rate hike is expected to cap off the year.

“December is largely a done deal,” said Kathy Bostjancic, economist at Oxford Economics.

Related: Santelli Exchange: Treasury Yields Wake Up to Equity Market Volatility

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