Treasuries Gain on Jobs Data, Stock Weakness
It was worth the wait to "payrolls Friday" for Treasuries, which outpaced stocks again on news that nonfarm payrolls plunged 86,000 in March from an upwardly revised +140,000 in February. The clincher for the sharp curve steepening to 5-year wides (+141 basis points) was the deepest decline in payrolls since November 1991. Unemployment backed up to 4.3% from 4.2%, while hourly earnings remained firm at 0.4%.
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