Blistering Jobs Report Blindsides US Rates

Needless to say, Friday's astoundingly strong read on the US labor market rippled across the rates complex, triggering dramatic moves at the front-end. Two-year US yields jumped nearly 20bps in the aftermath of the NFP release, which featured a blowout headline print, upside revisions to 2023's job additions and, crucially, a scorching-hot month-to-month increase in average hourly earnings. The knee-jerk selloff in twos was the most pronounced of 2024. Note that the move completely erased t

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