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