Friday, September 1, 2017

The employment data out this morning underwhelmed. 156,000 non-farm jobs were created in July (Hurricane Harvey's impacts will show in next months' report). Economists were looking for at least 180,000. Unemployment came through at 4.4%, a touch higher than anticipated at 4.3%.

Thus far into the trading session, markets seem to be somewhat ignoring the miss. Traders are tidying up their positions before they leave for the long holiday weekend. The 10-year is floating up slightly towards 2.16% and mortgage bonds are down -14 bps.

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