Treasuries End Lower ahead of Payrolls Report
Treasury prices drifted lower ahead of tomorrow's Nonfarm Payroll report. Traders say the market likely will not change much if payrolls rise in a range of 150,000 to 170,000, as expected. But the market would plunge if the figure matched or bettered the 309,000 increase recorded in March.
Prices likely would rally if the figure were low, say 35,000. Today's report that Initial Jobless Claims fell 25,000 added to fears that tomorrow's figures will be strong. Higher first-quarter-unit labor costs and higher gasoline prices is raising some inflation fears.
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