Nonfarm Payrolls: 162K, 10s -2bp

desk brief, Fri 04 Sep 2026

Treasuries (close 2026-09-03): 2s 4.34% (-5.0bp), 10s 4.77% (-2.0bp), 30s 5.25% (-2.0bp).

Tape (close 2026-09-03): VIX 14.32, 2s10s +43bp.

Narrative: Fed's Waller channels his inner John Lennon with a plea to 'give disinflation a chance'

What mattered:

Nonfarm Payrolls: 162K
Trump doubles down on threat to halt trade with top partners unless Fed cuts rates
Trump: We took out a lot of ships through Hormuz last night.
Fed’s Hammack says policy Is not restrictive enough
Trump threatens to cut trade with some countries if Fed doesn’t lower rates

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