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Market Commentary

Market Commentary

March 06, 2015
10-YEAR NOTES   98-13.5 (-19)
FN 3.5% COUPON   104-08.5 (-09)
SUPPORT   2.40%
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    U.S. Employers added more jobs than expected in February totaling to 295K (consensus 235K), and the prior month’s number was revised down from 257K to 239K. The Unemployment rate fell to 5.5% vs. 5.7% prior (consensus 5.6%). The number of long-term unemployed (jobless for 27 weeks or more) was unchanged at 2.7 Million; this accounts for 31.1% of the total unemployed. There were 732K marginally attached workers in February, largely unchanged from a year ago. The average workweek was unchanged MoM at 41 hours and average hourly earnings rose by +3 cents to $24.78. The goods and services deficit was $41.8 Billion in January, down $3.8 Billion from $45.6 Billion in December (revised). Exports totaled $189.4 Billion, down -$5.6 Billion from December and Imports were $231.2 Billion, down -$9.4 Billion from December. The January drop in the goods and services deficit reflected a decrease in the goods deficit of -$3.4 Billion to $61.6 Billion and an increase in the services surplus of +$0.5 Billion to $19.9 Billion. Treasuries are selling off this morning following today's hotter than expected Employment Report, and the curve has bear steepened with 2s10s up +1.2 bps.  

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Today's Events:
03/06 Nonfarm Payrolls 05:30 February 235K 295K 257K 239K
03/06 Unemployment Rate 05:30 February 5.6% 5.5% 5.7% -
03/06 Labor Force Participation Rate 05:30 February 62.9% 62.8% 62.9% -
03/06 Trade Balance 05:30 January -$41.1 Billion -$41.8 Billion -$46.6 Billion -$45.6 Billion
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