Last week's bond market storm calmed somewhat on Monday, but the interest rate horizon now relies heavily on evidence of more disinflation given economic activity and the labor market are holding up so well.
showed the monthly payroll gain at its lowest in 2-1/2 year, the still-brisk 200,000 jobs gain ensured the unemployment rate fell back to just 3.6% and annual wage growth picked up to 4.4%.jobs readout the previous day, it left a bruised bond market still wary of further Federal Reserve interest rate rises and praying disinflation may stay its hand after one more hike later this month.
Two-year Treasury yields fell back below 5% on Friday and remained there first thing today. Ten-year yields held above 4%, however, and the 2-to-10 year yield curve steepened to its least inverted level in almost a month.
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Source: Reuters - 🏆 2. / 97 Read more »