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FTN Financial Jim Vogel's react to....>

US DATA REACT
US DATA REACT: FTN Financial Jim Vogel's react to data, the "pieces do not add
up to 1 picture." Vogel noted the "two most important numbers, hourly earnings
and the unemployment rate fell under expectations, and January's earnings
appeared to be revised lower.  In that context - and the picture of the last
several months - the 313k print on payrolls looks 'wrong' to the market. And,
all that hiring didn't move the wage market?  Accordingly, the gain was of
lesser importance to initial trading." Summing up, Vogel said "rates are
confused for the moment but slowly rising because 300k+ jobs are hard to ignore.
This will take several hours to settle."

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