Phil Grossfield's Blog


Like A Dog Eats A Steak; Jobs Report Weak

valentinesLike A Dog Eats A Steak. My family goes through paper towels like a dog eats a steak. I don’t know why it bothers me so much but it just drives me nuts for some reason, particularly when they dry their hands using a paper towel…use a hand towel for the love of all things holy!  And when we’re in a public bathroom my son is like a pit bull…he will grab 20 towels until I tell him to stop. I literally have to train my family how to use paper towels…and then I saw this:  How to Use a Paper Towel. Have a nice weekend!  Oh, and don’t forget Valentine’s Day is a week away so get your flowers and a card…this is your time to show it…

My Schedule:  I have meetings all morning and may be difficult to reach before 11a….otherwise available all day…

My Market Watch:  Bonds Up – New Jobs Reported Much Lower Than Expected – Pricing Improved.  The 30-year Fannie Mae bond is up this morning +30bps after the Jobs Report came in significantly less than expected, a big surprise. As a result, pricing is up 0.250 or so. The Jobs Report tells us how many new jobs were created in January which came in at 113,000 when we were expecting 181,000. For a trader a report like this indicates the economy is weaker than previously thought:


The unemployment rate dropped from 6.7% to 6.6%…not a huge drop but it counters the weak jobs report slightly. Traders are buying bonds, but not as intensely as you might think after such a weak report…interesting….

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