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Most investors are convinced the March Fed rate hike is a go

In the wake of a solid jobs report, investors increasingly are expecting a green light for a Federal Reserve interest rate increase at its March meeting.

The probability of a hike next week rose to 93 percent from 90.8 percent shortly before the nonfarm payments report, according to the CME Group's FedWatch tool. Just a day earlier, the implied odds of a hike stood at 88.6 percent.

Nonfarm payrolls jumped 235,000 in February, beating estimates of 190,000. The key average hourly earnings number increased 0.2 percent, falling short of the midpoint of expectations for an uptick of 0.3 percent.

"The wage pressure was the key in today's data, and it has gained most significant attention among other readings," said Naeem Aslam, chief market analyst at ThinkMarkets UK. "The wage number released today was not really a blowout number, but still a very decent one. Only if the number was extremely vile, then the Fed was going to stop their interest rate hike, but now it looks like that we are going to see a rate hike next week."