Economy Continues to Show Strength
Non Farm Payrolls came in at a solid 235,000, verse expectations around 200,000 for February. The unemployment rate held steady at 4.7%
The equities seemed to initially like the news, but then sold off to negative levels s on the day. Sideways trading dictated most of the day, in a fairly tame session. A rally the last part of the day enabled the Dow to close up nineteen points, its second consecutive higher close.
The FOMC announcement on Wednesday will dictate the start of the week’s trading. Right now most observers are looking for at .25 % rate hike. There may some positioning ahead of Wednesday, but the action already seems to be priced into the market.
Treasury futures had been trending lower most of the week. Today they closed higher, possibly fully pricing in Fed action next week. Interest rate traders will be watching closely for any hints of continued Fed action in the following meetings.
John Weyer
Director Commercial Hedging
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