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Market Roundup: Holding Lower Range Post-NFP, Focus On Next Wk's CPI

Tsy futures holding weaker levels ahead midday, off lows after September employment data came out slightly better than expected jobs gain of +263k vs. +255k est, August up-revision by +11k.
  • Yield curves bear steepened (2s10s climbed to -40.616) as focus turned to drop in participation rate and unemployment as traders anticipate more rate hikes into 2023. Stocks not taking the data positively either, SPX eminis slipped to 3672.5 low.
  • Trade volumes receded ahead midday as Tsys held the lower range and trading desks turn focus on next week Thursday's CPI (0.2% MoM est, 8.1% YoY est) for next inflation metric.
  • Fed speak underscored the hawkish tempo, NY Fed Williams said need to raise rate to around 4.5% "over time" citing strong jobs market. Williams added he does expect to see inflation "down significantly next year."

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