The 'miss' on nonfarm payrolls but 'beat' on the unemployment rate appear to have been the perfect anti-goldilocks - not bad enough to warrant Fed speakers to discuss resurrecting QE and not good enough to confirm the growth meme... Having initially tumbled, Treasury sellers came in quickly after the NFP print, but since that BTFD, yields have collapsed 9bps... As we warned here, [3]the market is still notably short bonds and liquidity is anything but strong.
The BTFD failed...
[4]
and the buying is across the entire complex...
[5]
and remember - the market is still notably short bonds... [3]
[6]
Charts: Bloomberg
