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Shorter-Dated Issues Gain


U.S. asset markets were roiled by another set of damp payrolls on Friday, mostly shrugging off a set of silver linings in the data. The Treasury curve steepened significantly, however, which checked the initial enthusiasm on prices at the long-end.

Headline June payrolls tumbled double expectations by 114K, mostly on continued erosion of manufacturing jobs, while the rate of unemployed ratcheted up to 4.5% from 4.4%. Yet back revisions of April/May data upwards softened the blow by about +44K.

The September bond set its 100-18 to 99-26 intraday range within minutes of the data, but was able only to cling a 11/32 gain to 100-12 by the close.

Stocks indexes closed down 2-3% and along with fresh turmoil across in the emerging markets this fed a quality bid at the front-end, which outperformed. The 2s/30s curve steepened from under +150bp to +162bp before cooling off; putting +167bp May wides back on the map for next week.

The dollar traded very mixed against the majors, but rallied against Latam, East Europe and Asia. Crude oil prices surged a buck late in the session, adding to CRB gains.


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