Rates at 3-Week Highs, More Volatility Ahead
Rates were excellent at the beginning of the week, but that began to change on Wednesday. We were already well on our way to 3-week highs on Thursday, and Friday made it official.
Notably, these 3-week highs are still historically low.
Friday’s main source of drama was the strong jobs report from the Labor Department. The unemployment rate dropped from 5.9% to 5.4%, easily besting expectations of 5.7%. This was accomplished despite a 0.1% increase in Americans who considered themselves part of the labor force (a statistic that is sometimes used to offset changes in the unemployment rate).
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