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Market Commentary

Market Commentary

September 05, 2014
10-YEAR NOTES   99-19.5 (+06)
FN 3.5% COUPON   102-27.5 (+07)
SUPPORT   2.660%
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Nonfarm Payrolls largely disappointed expectations for a 230K advance, posting only 142K vs. 212K prior (revised). In August, both the unemployment rate (6.1% vs. 6.2% prior) and the number of unemployed persons (9.6 Million) were little changed MoM while the number of long-term unemployed declined by 192K to 3 Million. Average Hourly Earnings (MoM) increased +0.2% vs. +0.0% prior (+2.1% YoY). Treasuries rallied after Nonfarm Payrolls posted the smallest jobs growth this year, increasing speculation that the Fed will continue stimulus into the second half of next year. The curve has bull flattened with 2s10s down 0.5 bps and MBS are 2 ticks tighter to hedges.

Have a nice weekend!

Today's Events:

09/05 Nonfarm Payrolls 05:30 August 230K 142K 209K 212K
09/05 Unemployment Rate 05:30 August 6.1% 6.1% 6.2% -



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