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. 

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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

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