US payrolls came in at 235,000, considerably higher than the consensus estimate of 200k but well under the ADP report of 297,000. US bonds are slightly improved in a modest relief rally, with the 30-year bond up 5/32nds. Trade-weighted dollar nearly unchanged, with Euro up marginally and JPY down marginally. Hourly earnings, the indicator that the Phillips-Curvers at the Fed watch for signs of inflation, were up 0.2%, lower than the expected 0.3% — another non-warning sign of non-existent inflation. Hours worked were unchanged at 34.4.