Treasuries Jump as Unemployment Rises
Treasuries finished off the week Friday with a spine-twisting reversal back towards pre-Labor Day highs following the grim news that August payrolls fell 113,000 and the headline grabber that the unemployment rate skipped four beats to 4.9% from 4.5%. The curve convulsed, as the front-end yields set a new low water mark below 3.5% and the long-end lagged; the two-year note and 30-year note spread nearly hit +190 basis points from +175 basis points at the close on Thursday.
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