U.S. payrolls rose by 130,000 in January, more than expected; unemployment rate at 4.3%

Speakers

Rick Santelli — On-Air Editor, CNBC

January Non-farm payrolls came in at 130,000, matching expectations exactly, while the unemployment rate dropped to 4.3%.
Average hourly earnings rose 0.4% month-over-month (hotter than the 0.3% expected), signaling persistent wage pressure.
Treasury yields spiked immediately on the news ("zoom zoom zoom"), with the 2-year yield jumping from 3.45% to 3.53% and the 10-year rising to 4.19%, as the data undermines the recession narrative.

Ticker	Direction	Speaker	Thesis	Time
US TREASURIES	SHORT	Rick Santelli On-Air Editor, CNBC Business News	"Zoom zoom zoom is what yields are doing... a two year really screaming from 345 all the way up to 353. Why? Because these are solid, solid data points." The jobs report showed a drop in unemployment (4.3%) and hotter-than-expected wage growth (0.4% MoM). This "solid" economic data forces the market to price out aggressive Fed rate cuts, causing yields to spike and bond prices to fall. Short Treasuries (or Long Yields) as the economy shows resilience, countering the "naysayer" recession narrative. Benchmark revisions showed -862k jobs over the past year, indicating the long-term trend might be weaker than the headline monthly number suggests.	—