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Huge moves at the front part of the interest rate curve. Bills did something we haven't seen since April. Meanwhile, forward rates reacted to Friday's payroll numbers with crisis-level hedging and then held those prices today. Why? Simple: payrolls were the last of it. Eurodollar University's Money & Macro Analysis ***** With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership You can learn more here http://www.monetary-metals.com/Snider/ ***** Bloomberg Job Market Healthy Despite ‘Disappointing’ Report, Fed’s Hammack Says https://www.bloomberg.com/news/articles/2025-08-01/fed-s-hammack-says-job-market-healthy-despite-disappointing-data https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU |