A hot jobs report Friday sent shivers through the bond market, prompted yet another repricing of rate-cut expectations and may have ruined Federal Reserve Chair Jerome Powell’s weekend.

Treasurys sold off, sending yields (which move opposite to price) jumping Friday. The yield on the 2-year Treasury note BX:TMUBMUSD02Y, the most sensitive to policy expectations, jumped 15 basis points to end at 4.87%, while the 10-year Treasury note BX:TMUBMUSD10Y rose 14.8 basis points to 4.428%.

For the purist TEchnical Analyst, teh writing was on the wall. And till 4.66% rise, they woudl still be relaxing in their Lazy Boy Chair.


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