Bond Market Update

Weak Jobs Report Offers Early Boost

• U.S. Treasuries have reversed from their lower start after the release a disappointing Employment Situation report for February, which showed an unexpected decrease in nonfarm payrolls (-92,000; Briefing.com consensus 60,000) and an uptick in the Unemployment Rate to 4.4% (Briefing.com consensus 4.3%) from 4.3%. Treasuries charged off their lows in immediate reaction to the report, which was released alongside January Retail Sales (-0.2%; Briefing.com consensus -0.1%), which also disappointed, but the past few minutes have seen renewed selling that has sent 10s and 30s back in tot the red.
• Yield Check:
  • 2-yr: -1 bp to 3.59%
  • 3-yr: -1 bp to 3.61%
  • 5-yr: UNCH at 3.75%
  • 10-yr: UNCH at 4.15%
  • 30-yr: UNCH at 4.76%