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.