U.S. Treasuries slipped, pushing Bond Yields higher, after a surprisingly strong Employment Report cemented market expectations for the Federal Reserve to pause after three straight Interest Rate cuts. A weak manufacturing report helped limit the day’s losses. Traders trimmed bets on further 2019 Fed easing after the labour report showed the U.S. added 128,000 jobs in October, exceeding the consensus forecast for an 85,000 increase. Shorter maturities led declines Friday, pushing the yield curve flatter. The solid employment report comes after U.S. policy makers on Wednesday lowered rates, as expected, for the third straight meeting and hinted at a pause. The strength of Friday’s jobs data reinforces that message, though a continued deterioration in the global economy will likely keep yields capped. Fed Vice Chairman Richard Clarida on Friday said the economy and the Central Bank’s policy are “in a good place.” This helped Equity markets with both the S&P and NASDAQ closing at new all-time highs. Commerce Secretary Wilbur Ross expressed optimism the U.S. would reach a “Phase One” trade deal with China this month and said licenses would be coming “very shortly” for American companies to sell components to Huawei Technologies Co. Trump told reporters Sunday a trade deal, if completed, will be signed somewhere in the U.S., with a new venue being sought in the wake of the Chile APEC summit being cancelled.
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