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Post Employment Data React Update: Focus on Revisions

US TSYS

Treasury futures back near pre-data release levels (TYM4 111-29 +8) following gap moves/wide range trade (111-08 low vs. 112-02 high). Initial focus on higher than expected jobs gain of 275k say rates gap lower, quickly reverse course - extend highs on prior month revisions: January to 229k from 335k, private to 177k from 317k.
Curves bull steepening: 2s10s +3.677 at -38.402.

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