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Strong US Jobs Push Yields Higher, Powell to Speak Shortly

US TSYS
TYH4 is trading at 111-17, - 04 from NY closing levels.
A very busy Friday for US Data, with US Treasury Futures gapped lower after a broadly higher than expected Change in Nonfarm Payrolls of +353k vs 185k est (prior up-revised to 333k from 216k) and Unemployment Rate 3.7% vs. 3.8% est. Futures continued to extend lows after U. of Mich. Sentiment (79.0 vs 78.9 est) and Factory/Durable goods data.
  • Mar'24 10Y futures ended the week down -1-06.5 at 111-22. Technical support is at 111-16/110-26 Low Feb 2 / Low Jan 19 and bear trigger.
  • Cash yields moved higher on Friday. Better selling in the front end saw the curve flatten a touch. 2Y yields finished 16.1bps higher at 4.364%, while the 10Y yield held just above 4%, higher by 14bps at 4.002%. Curves remain flatter but well off lows: 2s10s -2.206 at -34.839 (-40.198 low).
  • A Reminder that Fed President Powell will be speaking on 60 minutes in an Hour
  • Data Tonight: ISM Non-Manufacturing, PMI while Atlanta Fed's Raphael Bostic speaks.
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