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Looking at the payroll report Michael.......>

US TSYS
US TSYS: Looking at the payroll report Michael Schumacher and Boris Rjavinski at
Wells Fargo believe that the sensitivity of the 10Y UST yield will decline in
August. 
- They point out that "August headline nonfarm payrolls growth has been below
consensus each of the past six years. Our colleagues on the Wells Fargo
economics team note that since 2003, August has experienced the largest average
monthly revision".
- Bringing it all together, they see the 10yr Treasury beta for the miss from
consensus at "perhaps to 6-8 bps per 100,000"

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