This is the Qanexra Institutional Brief. I am Raymond Bui. Date: 20/12/2025. THE NUMBERS ARE OUT, and Non-Farm Payrolls have officially reported 64K jobs added in November. This is a significant deviation from expectations of 200K. The market’s immediate reaction will be crucial in determining the next leg of this trade. Let’s dissect the data. The actual number of 64K is lower than expected, which might suggest a slowdown in job growth. However, it’s essential to consider the context. The previous month’s numbers were revised upward, indicating that the labor market is still robust. This mixed signal will likely lead to increased volatility. The implications for yields are significant. With this data, we can expect the 10-year Treasury yield to remain range-bound, potentially even dippi
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