Bond traders don't like the jobs report
REUTERS/Sue Ogrocki
However, not everyone agrees. Fed futures data shows the probability of a 25 basis point rate hike in December actually slipped to 76% from 78% ahead of the data. Additionally, US Treasurys have rallied as the number was a bit shy of the 175,000 jobs that economists had expected.
Ahead of the report, the Treasury complex was little changed, but post-data buying has pushed yields down nearly 4 basis points in the belly of the curve. Here's a look at the scoreboard as of 10:15 a.m. ET:
- 2-year -1.2 bps at 79.4 bps
- 3-year -1.9 bps at 94.0 bps
- 5-year -3.2 bps at 1.232%
- 7-year -4 bps at 1.540%
- 10-year -3.9 bps at 1.773%
- 30-year -3.6 bps at 2.564%
Traders have been watching current levels closely as yields have been unable to break out above their early-June highs. The 2-year yield has struggled near 90 bps while the 10-year yield has been unable to puncture 1.80%.
Friday's bid has flattened the yield curve, with the 2-10-year spread tightening about 2 basis points to 98.4 bps.
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