US 10-year yield at the upper end of the six-month range - BBH

Analysts at BBH note that the US 10-year yield had risen to 2.40% in the initial response to the jobs data, which is the upper end of the six-month range.  

Key Quotes

“Some profit-taking on the run up from nearly 2.0% on September 8 should not be surprising nor require a large explanation.  Nevertheless, many accounts see doubts over US tax reform as the proximate driver.”  

“First, several Senators appear to be carving out a position that is critical for various reasons.  Second, there is an ongoing squabble between the White House and Senator Corker, a fiscal hawk, and an early supporter of the President.  Third, Trump himself has indicated he will adjust his tax plan in the new few weeks.  Fourth, the IMF has dropped the prospects for fiscal stimulus from the US next year (though it sees the US economy expanding 2.3% in 2018).”