What’s Up With Friday’s Sell-Off?
What's Up With Friday's Sell-Off?
Bonds lost ground today and it definitely wasn't as simple as traders having second thoughts about the strength of today's jobs report. While it's true that the 3.8% unemployment rate overstated last month's shift (due to the rise in the participation rate), it's also true that this is the first time since 2020 that NFP has been under 200k for 2 consecutive months (revisions are unlikely to change that, given the prevailing trend ). The lopsided nature of the selling pointed to yield curve considerations and the odd combination of positioning for an NFP Friday, a Friday before a 3 day weekend, and the first
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