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Post-NFP React: Gaps Higher on NFP Miss

US TSYS

Treasury futures gap higher, extend the rally to new 6-month highs after lower than expected job gains for July, sees Sep'24 10Y futures trade up to 114-08, well through several technical resistance levels, 10Y yield falls to 3.7866% low. Tsy curves bull steepen: 2s10s climbs to -5.679 "high" -- least inverted since July 2022.

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