Daily Market Update 3/10/17

Rates were little changed Friday as mortgage-backed securities recovered most of yesterday’s late losses.  This morning, the Labor Department reported that the economy added 235,000 jobs in February, beating the consensus forecast of 190,000, but short of the ADP estimate released on Wednesday.  The unemployment rate fell to 4.7%, matching expectations.  Average hourly earnings, an indicator of wage growth, rose 0.2% and was 2.8% higher than one year ago.  Stocks moved higher.  Most analysts now expect the Fed to increase short term rates by 0.25% at next week’s meeting.  No other key data will be released today.

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