Blowout NFP number ast . Echoing a resilient labour market, the latest jobs data triggered an immediate sell-off in US government bonds and further underpinned US yields; the benchmark 10-year yield clocked a 16-year pinnacle at 4.887%, though retreated throughout the remainder of the US session to test pre-announcement levels. In other markets, the S&P 500 opened lower and the Dollar Index rallied on the back of the release. The US unemployment rate came in at 3.
Daly added that the need for additional tightening ‘is not there’ as the rise in yields has done the job for the Fed. BoFA senior US Rates Strategist Meghan Swiber commented on the bond sell-off in an interview on Bloomberg Television last week: ‘It’s one of two things.
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