Jobs Friday came and went without much reaction in bond yields because the labor market isn’t breaking, nor is it getting stronger. Mortgage rates dropped into the 5s for a short time on Friday as a result of Trump’s earlier announcement directing the GSEs to buy $200 billion in mortgage backed securities. The 10-year yield didn’t move much after the report.
But the BLS report showed 50,000 jobs created in December, which means 2025 was the lowest job-growth year this century outside of a recession. In fact, if it wasn’t for health care and social service labor, the year details ⇒
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