Daily Market Update 3/6/15

Rates moved higher Friday following the release of stronger than expected employment data.  The economy added 295,000 jobs in February, beating the consensus forecast of 240,000.  The Unemployment rate fell to 5.5%, to the lowest level since May 2008.  Average Hourly Earnings, a proxy for wage growth, fell short of expectations, and were just 2.0% higher than one year ago.  While strong job gains add pressure to the Fed to increase the Fed Funds Rate in June, the slow pace of wage growth supports a delayed move.  Stocks fell sharply.  Separately, the Trade Deficit came in close to expectations.  No other key data will be released today.

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