Treasuries End Higher

Treasuries surged after the much weaker than expected jobs data

The jobs data said it all. Shockingly low nonfarms payroll, up only 21,000, vs. median estimates for a 120,000 rise, underscored the price surge. Nearly all components of the report were not encouraging. Thus, Eurodollar & Fed funds futures moved out further, and the possibility of a rate hike moved out from August to November.

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