Rates moved sharply higher Friday following the release of stronger than expected jobs data. The economy lost 247,000 jobs in July, against a consensus forecast of -300,000. The Unemployment Rate fell to 9.4% from 9.5% in June. Analysts had been expecting an increase to 9.6%. In addition, Average Hourly Earnings rose more than expected. Stock markets rallied, further pressuring Treasurys and mortgage-backed securities. Volatility will likely continue into next week with large Treasury auctions Tuesday, Wednesday, and Thursday, the August FOMC meeting of the Fed on Wednesday, July Retail Sales figures Thursday, and the Consumer Price Index Friday. No other economic data will be released today.