Newsletter
Global Daily: Burning the Bridgeheads
2-year Treasury yields closed 4.4bps higher at 3.53% on Friday after December non-farm payrolls showed the unemployment rate falling to 4.4% and wage growth accelerating despite slower-than-expected hiring. Fed-dated OIS has seen a modest upward re-pricing in the market-implied path of the Fed Funds Rate, though two 25bp cuts by the end of the year remain in the curve with the first fully priced by June.


