Financials Futures Prices
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- Jobs Friday
As of late the markets have risen based on "unemployment numbers not being as bad as expected". Will that continue? Read on to learn more...
Futures Market News and Commentary
Sep T-notes (ZNU20) on Friday closed down -22.5 ticks. The 10-year T-note yield rose +8.1 bp at 0.904%.
Sep 10-year T-notes on Friday tumbled to a 2-1/4 month low and the 10-year T-note yield climbed to a 2-1/4 month high of 0.956%. T-note prices sold off Friday on an unexpectedly strong U.S. May payroll report.
U.S. May non-farm payrolls unexpectedly rose +2.509 million, much stronger than expectations for a decline of -7.5 million. Also, the May unemployment rate unexpectedly fell -1.4 to 13.3%, showing a stronger labor market than expectations for an increase to 19.0%.
Another negative for T-notes was Friday's announcement from the Fed that it will cut its pace of Treasury buying to $4 billion a day from $4.5 billion a day starting Monday, June 8.
Friday's U.S. wage data was bullish for T-notes after the May avg hourly earnings report of -1.0% m/m and +6.7% y/y was weaker than expectations of +1.0% m/m and +8.5% y/y.
Friday's U.S. consumer credi... Read more