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So the strong jobs number gains.......>

US DATA REACT
US DATA REACT: So the strong jobs number gains (+313k) outweighing the slightly
weaker AHE (+0.1498%) as futures continue to extend session lows, curves
steepening. Morgan Stanley economists note "the modest upward trend in wage
growth remains apparent, and importantly, is being accompanied by increases in
productivity." MS sees "productivity continuing to rise and expect a
commensurate pickup in nominal wage growth. So in the context of monetary policy
today's growth in the various measures of wages remains normal."

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