There were approximately 40,000 more jobs created last month than were expected by those in the know. Early results are that Stocks are flat, but interest rates are rising. The interesting thing to note (as evidenced in the graph above) is that job creation is on a downward trend over the last three months–a big downward trend. This has caused the unemployment rate to tick up a notch to 5.7%. So with the job market fizzling, why are rates suffering when the opposite should be the result? The answer is in the inverse expectations created by the Fed artificially flattening Treasuries for the last seven years. I believe that a recovery is on the way, though to my knowledge there will not have been any president to the circumstances that we have been through. It could be a bit of a wild ride!