Five Things You Need to Know to Start Your Day

Traders place historic bond wagers. Oil slides. Anxiety ahead of US jobs report. Here’s what you need to know today.

Futures traders have record sums riding on the outcome of the Federal Reserve’s November policy meeting. Open interest in the November contract in CME’s federal funds futures market has soared to the most in the market’s three-decade history. The contract is used to wager on the central bank’s interest rate target range. The record number represented $25 million at risk per basis-point change in the rate. Much of that was betting on a hike.