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). Treasuriesrallied 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.
GNMA Issuer Fannie Mae and Freddie Mac Direct Lender Licensed throughout the U.S. and Puerto Rico Privately Held Mortgage Bank for Over 32 Years Excellent Underwriting / Funding Turn Times
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