And it’s gone!

The “Waller rally” is being reversed after a much better-than-expected U.S. jobs number: 162K vs. 55K expected. The 2-year Treasury yield is up 7 basis points. Equity futures down, bonds down, bitcoin down, and gold down a bit more. The market-implied odds of a September rate hike appear on the low side. Still one more CPI report between now and the next FOMC meeting. — via @jsblokland

Jobs beat sparks hawkish repricing, lifting 2-year yields 7bps.