Some initial thoughts on the US Jobs report, the Fed’s reaction function and tapering

Today's commentary
now outside the paywall
Summary: The U.S. Job Situation Summary was released this morning at 830EDT and the headline number of 169,000 jobs added to non-farm payrolls was just below consensus. Moreover, the unemployment rate dipped to 7.3%. Nonetheless, the reaction to the number was negative and for good reason. Below are my thoughts.
As I write this, the U.S. Treasury market is rallying and has staged a 12 basis point move down from a yield of about 3% to 2.88%. That is a...

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