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Bonds Extending Late Highs

US TSYS
  • After briefly paring post-NFP highs at midmorning, Tsy futures continued to extend session highs into the close, curves bull flattening/unwinding some of Thu's move (3M10Y -12.886 at -136.364; 2Y10Y -3.107 at -73.910) with intermediate to long end rates outperforming (USU3 +2.05 at 128-09, 30YY 4.1997% low).
  • Fast two-way trade was reported after this morning's July employment data came out slightly lower than expected at +187k vs. 200k est, June down-revised by -49,000. Average hourly earnings, on the other hand, were stronger than expected, rising 0.42% M/M (cons 0.3) after an upward revised 0.45% (initial 0.36% M/M) which was only marginally offset by a lower 0.33% in May (initial 0.36%).
  • Rates continued to angle higher amid dovish comments from unscheduled Fed speakers Bostic "US JOBS NUMBERS CAME IN AS EXPECTED; I'M COMFORTABLE" and Goolsbee "SHOULD START THINKING ABOUT HOW LONG TO HOLD RATES" underscoring, if not exactly providing a bid to the rally.
  • Cross-asset gains at midday: stocks near highs (ESU3 +28.0 at 4550.0; Crude firm (WTI +1.05 at 82.60), Gold firmer (+8.65 at 1942.7.
  • Slow start to next week's data with the first significant release next Thursday with CPI and weekly Claims.
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