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Today's Market Update
Commentary by Home Savings own Director of Capital Markets
Treasury prices were mostly unchanged prior to the payroll numbers but have headed south as a much better than expected report has caught many by surprise. Nonfarm payrolls surged 243k vs predictions of a more modest 140k increase. Private payrolls also increased more than expected to 257k, sending the unemployment rate down to 8.3% from December's level of 8.5%.
Later this morning, a busy week of economic data is concluded with US factory orders report and the UM non-manufacturing index.
Currently, the 10yr yield is at 1.915% (1.826% Thursday) and the 2-10 yield spread is at 168bps, 8bp steeper since yesterday morning.
