Hiring roared back in a big way in November. U.S. employers added 266,000 jobs last month, topping all expectations, according to a Labor Department report Friday. The surge was boosted by General Motors Co. workers returning to work after a 40-day strike.
Meanwhile, average hourly earnings climbed 3.1% from a year earlier, beating forecasts.
The US jobless rate dipped to 3.5% and the underemployment rate dropped to 6.9%.
On the unexpected bounce in jobs, the 10Y-3M yield curve is no longer screaming recession.
And the US Treasury Actives curve and US dollar swaps curves are pretty similar from 2 years to 10 years.