2-Year T-Note Dec '19 (ZTZ19)
2-Year T-Note Futures Market News and Commentary
Mar T-notes (ZNH20) on Friday closed down by -16.5 ticks. The 10-year T-note yield rose by +4.5 bp at 1.856%.
Mar T-notes sold off sharply Friday to a 3-week low and the 10-year T-note yield climbed to a 3-week high of 1.862% on news that November U.S. payrolls rose sharply by +266,000, which was much stronger than market expectations of +180,000. In addition, Oct payrolls were revised higher by +28,000 to +156,000 from +128,000. The Nov payroll report was artificially inflated by the return to the labor market of 41,300 striking GM workers, but the payroll report ex-GM was still much stronger than expected at +225,000, suggesting that U.S. businesses remain optimistic about the economy and are still engaged in strong hiring.
Another indication of the strong labor market was the drop in the Nov U.S. unemployment rate by -0.1 point to 3.5%, thus matching September's 50-year low.
Another negative for the T-note market was the increase in Nov U.S. average hourly ea... Read more
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