Treasuries Dip on Milder Jobless Data
Another Payrolls Friday here and gone. Treasuries tottered into the release of better-than-expected data, but regained their footing after going some way to price such a result the past couple sessions. The curve flattened initially and shorter-dated maturities suffered as the market reduced near-term Fed easing expectations. July Payrolls fell 42,000, but June and May numbers were revised upwards by about a like amount. In addition, the unemployment rate remained stubbornly sticky at 4.5% in contrast to expectations of a gain to 4.7%.
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