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Data? What data?

US TSYS SUMMARY

Data? What data? Headlines lead market moves Friday, not headline jobs report: U.S. nonfarm payrolls grew by 661,000 in September, below market expectations for a 875,000 gain, according to figures released Friday by the Bureau of Labor Statistics.

  • After a strong open, futures weaker across the curve but off mid-morning lows after the bell. Overnight risk-off support after POTUS and FLOTUS contract virus, reversed midmorning on hopes of stimulus bill being passed, sources citing House Speaker Pelosi headline that lawmakers will "GET SOMETHING DONE ON STIMULUS".
  • Late rebound in rates after "Significant disagreement" remains said House Speaker Pelosi, contributing to bounce off lows in rates.
  • Some additional uncertainty over campaign related headlines underscoring latest bounce in rates: "PENCE PLANS TO RESUME CAMPAIGN EVENTS" Bbg and "ALL CAMPAIGN EVENTS WITH TRUMP BECOME VIRTUAL OR POSTPONED" Bbg.
  • The 2-Yr yield is up 0.4bps at 0.1309%, 5-Yr is up 1bps at 0.2816%, 10-Yr is up 1.7bps at 0.694%, and 30-Yr is up 2.7bps at 1.4821%.

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