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  • February the third is in-the-books here on Wall Street.

  • Here's the New York Minute.

  • It's been a day dominated as you expect by the non-farm payrolls report.

  • This was the most important number from the report:

  • average hourly earnings which had been rising quite well picked back somewhat this month.

  • Bad news for Main Street, good news for Wall Street, cause it means less pressure on inflation less pressure to raise rate.

  • As you can see the 2-year bond yield dropped very sharply after we got the report,

  • but did rebound later after we heard from the chairman of the San Francisco Fed saying

  • that he thought it might be a good idea to raise rates next month.

  • Now, there is an another blot on the political landscape and it's in France

  • If we take a look at how yields of French bonds are rising compared to German yields,

  • you can see the markets are getting very worried by the political pressures there ahead of the election later this year

  • Meanwhile, the Dow here is back through 20 thousand

  • The biggest winner among Dow constituents since the election is Goldman Sachs, the biggest loser is Walmart

  • Joe Six-pack must be delighted.

February the third is in-the-books here on Wall Street.

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