• Nonfarm Payrolls
    • 142k vs 160k f'cast
    • last month revised to 89k from 114k
  • Unemployment Rate
    • 4.2 vs 4.2 f'cast, 4.3 prev
  • Earnings
    • 0.4 vs 0.3 f'cast
    • last month revised to -0.1 from 0.2

Lots to digest in this morning's jobs report, but the key development is the ongoing drop in the headline payroll growth.  This tips the scales toward a conversation about a 50bp rate cut in the upcoming Fed meeting.

10yr yields are 5.6bps lower at 3.673 and MBS are up anywhere between an eighth and a quarter depending on liquidity.  Traders are sitting on their hands for now.