US nonfarm payrolls beat expectations and the unemployment rate edged lower in March. The market reaction was muted because a) it’s backward looking, b) the nonfarm gain is likely to be heavily revised lower, c) positive weather and strike cessation effects boosted the number temporarily, and d) most of the rest of the world is shut for Good Friday—all of which means this will be a short note! The US 2-year yield was up by only about 3bps post-data with the 10s yield up by the same. S&P equity futures ignored the release. Breadth was ok, not great, as shown in chart 1. Education and health sector hiring added 91k jobs ... (full story)